AUSTIN, July 21, 2022 (GLOBE NEWSWIRE) -- Indoor Harvest Corp. (OTCPK: INQD), a publicly traded company focused on the hemp and related industries, is in the final stages of negotiating a binding LOI with Electrum Partners LLC to acquire certain assets. The two new independent board members recently added to the INQD Board will strengthen the business team and help facilitate and advance the proposed transaction.
“This summer is moving at lightning speed and has been quite productive for our team. Our newest board members have put us in a place where we are able to take the action necessary to complete our LOI with Electrum Partners and begin to transition the assets into the Company, while allowing our robust business network that stretches from Main Street to Wall Street to Capitol Hill to thrive,” said Leslie Bocskor, Chairman of Indoor Harvest Corp.
The recent Board changes have allowed the Company to bring in independent directors to not only support the overall business strategy, but to also bring their business expertise to the newly formed Mergers and Acquisitions Committee to manage Company transactions in a structured process guided by the objective of increasing overall shareholder value.
The new directors bring with them their business networks and experience in support of the Company’s multiple business initiatives. In addition, the Board of Directors will be prioritizing the negotiation of final aspects of the binding letter of intent (LOI) with Katan Associates, Inc., the corporate advisor for Electrum Partners, over the next few weeks. Co-founder of Katan Associates, Seth Yakatan, will lead the efforts and brings more than 20 years of experience as a corporate finance professional, actively supporting small cap and large companies in achieving corporate, financing and asset monetization objectives through the successful structuring and management of strategic transactions and investments totaling more than several billion dollars in value.
The Company anticipates that, after the binding LOI is executed, a definitive agreement and the accompanying asset purchases will be completed within the recently amended timeline of October 7, 2022. Meanwhile, the Company will continue to focus on its current business strategy of acquiring and developing synergistic businesses and opportunities into an integrated operating business.
About Indoor Harvest: Indoor Harvest Corp. (OTCPK: INQD) is branded under the name Indoor Harvest® The Company incorporates development of proprietary technology, mergers, acquisitions, strategic partnerships, and joint ventures as part of a broad integration strategy. As a platform, Indoor Harvest Corp. cultivates synergistic partnerships within related industries, providing an opportunity to be part of a more significant play, sharing intellectual capital, technology, access to new capital markets, and liquidity for owners.
