LOS ANGELES, April 28, 2016 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTCPink: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 issued the following shareholder update letter from Matthew Feinstein, CEO and Chairman.
To our valued shareholders:
First and foremost, I wish to thank you for your continued support. As CEO of Pineapple Express, I am pleased to provide an update on the recent developments and milestones that we have achieved, and discuss our vision for the Company’s future.
RECENT DEVELOPMENTS AND MILESTONES
Below is a summary of our recent achievements and plans:
- The Company has paid the first of two equal installment payments on its $600,000 secured note issued in connection with the acquisition of THC Industries Inc. in February 2016. The Company plans to pay the final $300,000 installment in May 2016. The Company has already taken possession of the domain www.thc.com, the THC® registered trademark, and the business operations of THC Industries Inc., which are operated through the Company’s wholly owned subsidiary THC Industries, LLC.
- The Company confirmed it is in the process of purchasing all of the 10.08 acres of the ‘Pineapple Park’ project.
- The City of Desert Hot Springs currently owns 1.26 acres of the 10.08 acre project and we are happy to report that a market value sales price has been agreed upon and we expect to enter into escrow and consummate the purchase of this parcel in the second quarter of 2016.
- The Company has finalized its revised site plan comprised of 10 buildings totaling 168,610 SF of rentable warehouse space. We have decided not to pursue building greenhouses for our clients but to keep to our original plans of erecting traditional steel warehouses only, due to the extreme climate conditions that occur in Desert Hot Springs.
- The Company is undergoing a routine audit performed by RBSM, LLP in order to qualify to become an SEC reporting company. The Company anticipates the audit will conclude shortly.
- The Company engaged its SEC advisory counsel, Sichenzia Ross Friedman Ference LLP, to commence work on a Form 10 Registration statement to be filed with the SEC, to achieve fully reporting status.
- The Company CEO, Matthew Feinstein, conducted interviews with the Los Angeles Times about the Company’s ‘Pineapple Park’ cannabis cultivation complex and an on-air interview to be featured next month on the morning news of the CBS local affiliate in Desert Hot Springs. The Company also completed filming a segment of an upcoming episode of “Innovations” with Ed Begley, Jr. to be aired on The Discovery Channel.
- Lastly, the Company has been in constant communication with OTC Markets Group concerning the Company’s Caveat Emptor designation that was put in place over their concern of the trading activity in the secondary market of the Company’s shares. If investors have further questions about the designation they are welcome to reach out to the OTC Markets Group directly to gain a further understanding.
On behalf of the entire Pineapple Express management team, I would like to again thank you for your continued support. We strongly believe that we have the staff, expertise and strategic approach necessary to create the future we envision and we look forward to reporting on our excellent progress as we continue to execute on our plans.
Sincerely,
Matthew Feinstein, CEO and Chairman, Pineapple Express Inc.
About Pineapple Express
Headquartered in Los Angeles, CA, Pineapple Express is a publicly traded company that invests in, expands, and brands existing and newly established canna-businesses through expert consulting and cutting-edge technology. We provide capital to our canna-business clientele, lease real properties to canna-businesses, and provide consulting and technology to operators within the cannabis industry. We intend to create a nationally branded chain of company-owned cannabis retail stores under the "Pineapple Express" name, as soon as federal laws allow. As long as cannabis remains federally illegal, our operations will be limited to consulting, product licensing, leasing to and investing in existing and new canna-businesses, selling industry specific technology and branding/retail concept support services. Home to some of the most experienced and well-connected minds in the business, Pineapple Express is at the forefront of the legal cannabis industry.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not a description of historical facts constitute forward-looking statements and 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. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business, including that we have a limited operating history, are dependent upon key personnel whose loss may adversely impact our business, and some of our business activities and the business activities of some of our customers and counterparties, while believed to be compliant with applicable state law, may be illegal under federal law because they violate the Federal Controlled Substances Act. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. More detailed information about the Company is available at www.otcmarkets.com/stock/PNPL/quote. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.