Los Angeles, CA, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Lake Victoria Mining, Inc. (OTCPINK:LVCA, “ LVCA” or the “Company”), is announcing today that it has canceled the binding letter of intent (“LOI”) for the Company to be acquired in a reverse acquisition (the “Acquisition”) by privately held Encinitas, CA based P5 Systems Inc. (“BudTrader”) which operates the BudTrader.com website. The Company discovered that BudTrader was a defendant in multiple undisclosed lawsuits, one of which actually enjoined BudTrader from proceeding with the Acquisition. The action was brought by a significant BudTrader shareholder who alleges he was defrauded by current BudTrader management. Under these circumstances, LVCA Management made the determination that the Acquisition would not be in the interests of the Company or its shareholders.
As has been previously announced, LVCA is controlled by the Company’s two Officers and Directors Bradley J. Yourist and Daniel J. Yourist. As is disclosed in the Company’s Quarterly Report for the period ended December 31, 2019 filed on March 2, 2020, the Company is a “shell” company as that term is defined in relevant regulations promulgated under the federal securities laws. The Company has now begun the process of assessing possible acquisition candidates focusing on IT related aspects of the Cannabis Industry in order to bring value to LVCA shareholders. While LVCA management is disappointed in the failure of the BudTrader transaction, it believes that going forward with a clean slate is in the best interests of all persons with a stake in LVCA. Management will continue to apprise the public of any material developments concerning the abandoned BudTrader acquisition as it may deem necessary. LVCA will continue to post its required periodic reports with OTC Markets in a timely fashion.
Safe Harbor Statement
LVCA cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in LVCA’s business, including, without limitation: the company may not ever obtain additional funds necessary to support its business development and growth plans; and the company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about LVCA and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s postings with the OTCMarkets, including the company’s Annual and Quarterly Reports filed in conformity with the OTC’s most recent disclosure guidelines. Such documents may be read free of charge on the OTC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and LVCA undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is intended to be made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact:
Bradley Yourist
byourist@me.com
10866 Wilshire Blvd., Suite 225
Los Angeles, California 90024
(310) 575-1175
Lake Victoria Mining Company, Inc.
10866 Wilshire Blvd., Suite 225
Los Angeles, CA 90024