LOS ANGELES, Feb. 11, 2019 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTC Grey: PNPL) (the “Company”), a publicly traded company that offers consulting, technology, investments, turn-key property rentals and branding concepts to businesses in the legal cannabis industry, today announced that it has signed a non-binding letter of intent to enter into a merger with Pineapple Ventures, Inc. (“PVI”), which holds equity in multiple California-based cannabis delivery, manufacturing, cultivation, and distribution licenses. PVI also holds the right and title to the profits of a cannabis lease and sublease at a 38,000SF building in Chatsworth, California being subleased to various legally permitted cannabis operators.
Completion of the transaction is subject to the parties executing definitive documents, approval by each party's shareholders and other customary closing conditions, including the Company resuming, and being current in, its filing obligations with the United States Securities and Exchange Commission. The parties hope to close the transaction during the first half of 2019. There can be no assurance however that the merger will be completed.
As part of the proposed merger, CEO and COO of PVI, Shawn Credle and Joshua Eisenberg, respectively, were recently appointed as the new executive team of the Company, and shall currently serve parallel roles in both entities.
“It is necessary for us to ‘get a good look under the hood’, as well as to prepare the Company for the merger, prior to combining the valuable assets of both businesses into one formidable and lucrative brand. We could only do that working internally together with the Pineapple Express team to resolve open issues and bring the Company current with its required public filings,” said Shawn Credle, CEO for Pineapple Express, Inc. “We will continue to develop and strengthen the assets at both Pineapple Express and Pineapple Ventures while steps are being taken towards satisfying closing conditions for the merger over the next few months.”
About Pineapple Express, Inc.
Pineapple Express, Inc. is based in Los Angeles, California. Through our operating subsidiary Pineapple Express Consulting, Inc., we provide capital to our canna-business clientele, lease real properties to those canna-businesses, and provide consulting and technology to develop, enhance, or expand existing and newly formed infrastructures. We intend to create a nationally branded chain of cannabis retail stores under the "Pineapple Express" name, which we intend to be supported by Company-owned cultivation and processing facilities, and will feature products from Company-owned manufacturers. We currently engage in product licensing, leasing to and investing in existing and new canna-businesses, selling industry specific technology, and providing ancillary support services. We believe that our competitive advantages include our wealth of experience, business model, exclusive proprietary technology and intellectual property, and key industry contacts in an industry that is foreign to most. It is our expectation that these factors will set us apart from most of our competitors.
Forward-Looking Statements:
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “expects”, “anticipates”, “intends”, “estimates”, “plans”, “potential”, “possible”, “probable”, “believes”, “seeks”, “may”, “will”, “should”, “could” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the application and enforcement of U.S. and state federal laws in the cannabis industry (including to the Company’s business activities and the business activities of some of its customers and counterparties), ability to attract new canna-business clientele, successfully implementing the Company’s growth strategy (including relating to the Company’s intention to create a nationally branded and vertically integrated chain of cannabis retail stores under the “Pineapple Express” name and anticipated development of Company-owned cultivation and processing facilities), dependence on key Company personnel, timing of the filing the Company’s Form 211 with FINRA and clearing related comments, obtaining approval for the Company’s common stock to be quoted on one of the three OTC Markets, changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company’s Registration Statement on Form 10, filed with the Securities and Exchange Commission on January 23, 2018 (the “SEC”), and other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law.
Company Contact:
Matthew Feinstein, Director
Pineapple Express, Inc.
Office: 877-310-PNPL