Global Consortium will pay a total of $4.25 million: $750,000 in cash and $3.5 million in Global Consortium's common stock valued at $1.00 per share
Global Consortium exercises purchase option
Global Consortium's asset base to increase over $1 million
Global Consortium has wired $125,000 as per the agreement
COCONUT CREEK, Fla., May 30, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. dba Cannabis Consortium and its partners have exercised their option to acquire Infused Edibles.
Infused Edibles is located in California and is an award winning CBD edible company with distribution in approximately 400 retail outlets. The company currently manufactures and ships CBD products from its California location. Infused Edibles also has several licensed locations in multiple states.
In 2016, Infused Edibles won First Place Awards for Best Gummy and Best CBD Pet Line.
The cash portion of the purchase price will be used to upgrade the facility with new equipment and to pay for an Organic Certification. All of the products are lab tested, Dispensary Grade CBD, Strengths from 60mg-1000mg, all Natural, as well as Gluten Free and Vegan.
Global Consortium will book assets that exceed $1 million from the equipment and inventory located at the California facility.
Global Consortium has agreed to enter into employment agreements with key personnel of Infused Edibles to ensure continuity after the sale is completed.
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of services and equipment markets, release of corporate apps, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also consider that any investment in securities is at risk.
Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure on otcmarkets.com.
For additional information about this release please contact:
Investor Relations:
Matt Dwyer
matt@cannabisconsortium.net
www.cannabisconsortium.net
954-906-0098