LAS VEGAS, May 30, 2018 (GLOBE NEWSWIRE) -- Player’s Network, Inc. (OTCQB:PNTV), a cannabis holding company, announced on May 10, 2018 that it had entered into a binding Letter Of Intent to acquire the assets of a 56,000 sq. ft., fully operational greenhouse complex in Salinas Valley, California licensed for cannabis cultivation. The transaction has now closed and will immediately begin generating significant revenue for PNTV.
PNTV paid an initial installment of $1,000,000 in cash to LCG Business Enterprises for the acquired assets, against the full purchase price of $5,000,000. Four additional cash installments are scheduled over the next several months.
Mark Bradley stated, “It’s official! PNTV is now operating cannabis business in two states: California, the world’s largest cannabis market, and Nevada, which is quickly becoming the world’s leading Adult Use cannabis destination. PNTV now has cultivation facilities capable of generating significant revenues in two states, providing a great reward for our loyal shareholders, as we execute our plans to expand operations in both states internally and through additional acquisitions.”
Mike Gregory, General Manager and Member of LCG Business Enterprises, who has been retained under a management agreement to continue overseeing operations along with his Master Grower and cultivation team, states, “I am thrilled to work with Mark and his team to help them become one of the most successful operators in California by executing our plan to optimize the facility with additional lighting, supplementing the greenhouse’s natural sunlight during winter months, resulting in an increased yield, and generating higher profits than ever before.”
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About Player’s Network (PNTV)
Player’s Network, Inc. (symbol: PNTV) is a cannabis holding company. PNTV focuses on two main business segments: seed-to-sale operations and cannabis lifestyle. All seed-to-sale operations are held by PNTV’s subsidiary, Green Leaf Farms Holdings, and our cannabis entertainment and lifestyle ventures such as WeedTV are held by MJ Media Corp. Follow PNTV on Twitter at @PlayersNetwork and follow us on Facebook www.fb.com/PlayersNetwork.
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Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company's need for additional funding, governmental regulation of the cannabis industry, the impact of competitive products and pricing, the demand for the Company's products, and other risks that are detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Players Network, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Player’s Network Contacts:
Investor Inquiries:
Brett H. Pojunis, Director
Email: ir@playersnetwork.com
Office: 702.840.3272
Investor Inquiries:
David Klepinger, Strategic Relationships Manager
Email: dklepinger@playersnetwork.com
Office: 702.840.3283