COSTA MESA, CA, Oct. 12, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – M Line Holdings, Inc. (OTC Pink: MLHC) ("M Line" or the “Company”), is excited to announce it has completed the acquisition of 60% of American Asset Holdings, Inc. (“AAH”).
This acquisition is M Line’s first step into the Cannabis industry. AAH will sell pods for $150,000 and participate in the profit of the marijuana grow with a minimum of 40% net income. Production is measured by lights and the pods include a minimum of 18 lights producing approximately 1.5 to 3.0 lbs. of cannabis per light. A minimum of five grows per year per pod is expected, with production ranging from $175,000 to $702,000 based on a $1,300 to $2,600 price per pound. We currently have confirmation from a Colorado real estate company that there are over 800 growers looking for growing space in Colorado alone.
AAH plans to develop a “Culture Center” in Colorado with 25 C-Pods which will be rented to growers. The rental income will be $10,000 per month plus 40% of the grow net profit in perpetuity.
In addition to Colorado, AAH has interested parties in California, Oregon, Connecticut and other states. The C-Pods for each growing location will be purchased in individual Corporations. All the growers we deal with will be fully licensed and legal.
These containers are cost effective due to their “off the grid” technology as well as only requiring 8 to 10 hours cultivation labor per week and the pods are beneficial to the growers due to the specialized growing environment.
The purchase price for AAH is $500,000. M Line is making payment with 1000 Series H preferred stock convertible to 50,000,000 shares of common stock based on one penny (.01) price as of today’s date which we consider to be a discount based on a future valuation. The preferred stock cannot be converted for one year.
We will be updating our website and including our power point presentation on this Company to provide greater detail as well as including it on our OTC website when we are able.
Tony Anish, CEO of M Line, stated: “We know we have acquired a company with a superior product and excellent plans for growth. We recognized the benefits of these grow pods to the Cannabis industry and wanted this Company to be a part of our success story. Keep watching for more news and updates.”
Richard Johnson, President of AAH, stated: “We are very excited to be a part of the growth of the M Line group of Companies. Their vision for this Group is what made this transaction so positive. I know we will bring significant value to the whole group.”
Tony Anish continued: "To conclude, we have paid the required fees to OTC Markets and we are prepared to immediately file our outstanding financials, attorney letter and disclosures as soon as possible.”
About M Line Holdings, Inc.
M Line is a holding Company with subsidiaries involved in the Beverage Branding and Distribution industry as well as the Food and Beverage distribution business and now has introduced its first acquisition in the Cannabis Industry with our C-Pod manufacturing business. In addition, M Line will continue with its business financing activities while looking for other opportunities in the Beverage, Distribution and Cannabis industries as well as other prospects that make sense to management.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intend to identify forward-looking statements. Investors are cautioned that any such forward-looking statement is not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.