COMPANY RETAINS AUDITING FIRM AND PLANS TO UP LIST
LOS ANGELES, CA. , July 17, 2018 (GLOBE NEWSWIRE) -- Innovativ Media Group, Inc. (OTC PINK:INMG) (“Company”) today announced that it has acquired 100% of the outstanding shares and all of the assets and joint venture agreements of Demand Brands, Inc. (“Demand”) http://www.demandbrandsinc.comDemand is a collection of leading businesses and brands operating in the Health, Wellness, Cannabis Edibles, Hemp and CBD sectors which is managed by industry veterans Bruce Hannan and Guy Peckham.
The Company is acquiring Demand and its assets in an all restricted preferred stock transaction that will result in no material near term dilution to the Company. The parties have signed definitive, binding agreements and the deal is expected to close within 30 days. Bruce Hannan and Guy Peckham will be joining the Company’s Board of Directors, non-core assets will be sold and, upon closing, the Company will have redeemed and paid all material debt. The Company will be retaining Frucci & Associates II PLLC as its Auditors and expects to apply to up list to the OTCQB or an equivalent exchange.
Tom Coleman, CEO of Innovativ Media said: “We believe the acquisition of Demand Brands will substantially enhance the Company’s P&L and create significant near and long term shareholder value. Bruce and Guy have long and successful track records with both public and private businesses and in developing innovative brands and exceptional products”.
Bruce Hannan, CEO of Demand added: “Vending into Innovativ Media Group will give Demand access to new capital markets and currency to target acquisitions which will facilitate developing our assets and scaling operations more rapidly”.
“Our industry is growing and consolidating at a fast clip and this transaction will give us an opportunity to target some excellent operating businesses and add to our portfolio of companies. I am looking forward to working with Bruce and building on our prior experience at Premium Brands Holdings (PBH-T)” said Demand President Guy Peckham
About Innovativ Media Group, Inc.
Innovativ Media Group (Innovativ) is a developer, producer and distributor of digital entertainment and other multi-media content. It is a principle partner in CannaNet.TV, which operates LocalCannabisDispensary.Com and Kush Processing. http://innovativmedia.com
About Demand Brands
Demand Brands, Inc. is associated with an array businesses and brands consumers have come to know and trust that market innovative and leading Edibles, Oils, Vapes and Beverage products and manages ventures in the Hemp + Healthy, Cannabis/CBD Superfoods and Education and Technology sectors that promote healthy lifestyles for women, men, children and pets. http://www.demandbrandsinc.com
Forward-Looking Statements:
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward‐looking public statements concerning its expected future operations, performance and other developments. Such forward‐looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such.