Forecasted Revenues for the Restaurants and Event Center to exceed $3 million
Newport Beach, CA, Feb. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- M Line Holdings, Inc. (OTC Pink: MLHC; "M Line" or the “Company”), is excited to announce that it has closed its acquisition of the 38 acres of land, the three restaurants and the event center in Arizona. This is the first step in the growth of our hospitality division.
The Company will be working on plans for the development of the land including a gas station and travel center, RV Park and hotel over the next few months.
The purchase price includes preferred stock that converts to 189,250,000 shares of common stock that cannot be converted for one year plus $600,000 cash paid over six months.
Tony Anish, CEO of M Line, commented: “This is a major step in our growth plans. The restaurants had revenues of approximately $1 million for 2018. We are forecasting over $3 million in revenue for the restaurants and event center in 2019. These locations are profitable and we plan to increase that profitability substantially. Furthermore, we are already negotiating another acquisition for the hospitality division which will add a further $15 million in revenue. We hope to finalize the terms this month. We plan to develop the land to include a gas station, travel center, RV park and hotel in the future. Keep watching for more news."
About M Line Holdings, Inc.
M Line is a Holding Company. It controls subsidiaries involved in the Beverage Branding and Distribution industry that includes our VEA™ and TORQUE® branded drinks. In addition, M Line controls two subsidiaries in Florida in the Food and Beverage distribution business and M Line has now expanded into the Cannabis Industry with the acquisition of our C-Pod manufacturing business. M Line has just acquired three restaurants and an event center in Arizona and land for development. M Line will continue with its business financing activities while looking for other opportunities in the Beverage, Distribution, hospitality and Cannabis industries as well as other prospects that make sense to management.
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For more information contact Tony Anish
E Mail: info@mlineholdings.com
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Web site: www.mlinehc.com
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