NEW YORK, NY, Jan. 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Metrospaces, Inc. (OTC: MSPC) announces it has begun phase II of financial and legal due diligence to acquire California-based Profitable Cannabis Site.
Mr. Oscar Brito, Company Executive President, said: “We are now in the process of receiving detailed financial and legal information regarding the site, as to begin the more detailed portion of the due diligence period for the acquisition of the Adelanto site. Since this is a profitable site, we are looking in detail at every aspect of production, distribution, and marketing. We’ll be doing this phase with our JV partner and financial partners. Once this phase has been completed, we will look to advance conversations with senior lenders. Even though we currently have a firm commitment from one senior lender, we will be sourcing offers from at least 1 or 2 more recognizable senior lenders. We fully expect to be able to leverage our current balance sheet to provide the equity portion, and additionally, we have received a lot of interest from one of our long-term investors to be part of the investment group.”
About the Cannabis Facility:
The facility is located in the city of Adelanto, California and consists of a 12,000 ft2 canopy facility licensed for cultivation, manufacture, and distribution of approximately 300 lbs of monthly cannabis production. This production currently generates approximately $7.2 million in annual revenue with an operating profit of approximately $4.5 million per year. Additionally, the site is set on a 6.5 acres site which allows us to build another (already licensed) 8,000 ft2 canopy. The acquisition also includes a non-operating retail operation.
Metrospaces was originally founded by company President Oscar Brito.
Relevant Links:
http://www.iqstel.com
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.