February 24, 2009 (FinancialWire) -- Mach One Corp. (OTC: MNCN) (Current Market Cap: US$15.76 Mil.) said that it has closed the purchase of Ceres Organic Harvest, Inc. an organic grain and grain-based company that supplies ingredients to the food, feed and dairy industries. Mach One acquired 100% of the stock of Ceres for $8 million in a combination of common and preferred stock.

Ceres Organic Harvest posted 2008 revenues of around $20 million.

Under the deal, 50% of the purchase price was paid in common stock of Mach One with a valuation set at 50 cents per share with the remaining 50% of the purchase price taken by Ceres shareholders in the form of preferred convertible voting securities with a conversion price of 50 cents per share. Ceres Organic Harvest, Inc. will continue its operations as a subsidiary of Mach One.

Mach One CEO Monte Tobin said that the combination of resources and personnel between Mach One and Ceres Organic Harvest, "will position us to capitalize on the work Ceres has done over the years in delivering high quality food ingredients and animal feed products."

St. Paul, Minnesota-based Ceres Organic Harvest and its Organic Grain and Milling unit supply organic grain and grain-based ingredients to the food, feed and dairy industries, including varieties of wheat, flour, oats, corn, flax, barley and other products. Ceres is currently launching a number of oat-based products using a proprietary oat cultivar with substantially higher fiber and beta-glucan content. Ceres/OGM operates a grain elevator in North Dakota.

Belgium, Wisconsin-based Mach One provides biotechnology based solutions including targeted immunoglobulins (IgGs) for nutraceutical products, with an initial focus on the dairy and beef industry. Mach One plans to oneday offer human consumer applications of its technology.

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