M Line Agrees Terms for First Acquisition in the Cannabis Field
COST MESA, CA, Oct. 08, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – M Line Holdings, Inc. (OTC PINK: MLHC) ("M Line" or the “Company”), a holding Company with subsidiaries involved in the Beverage Branding and Distribution industry as well as the Food and Beverage distribution business is excited to announce that it has signed a binding Letter of Intent to acquire American Asset Holdings, Inc. (“AAH”), M Line’s first acquisition in the Cannabis field. We expect to close within the next seven days.
AAH repurposes steel shipping containers into self-contained, insulated, bug-free, pesticide-free, heated, cooled, LED or high heat lighted, growing facilities that can be managed from a computer or cell phone. The pod technology includes equipment to extract water from the outside air and power is produced from a combination of solar and wind power taking the pods totally “off the grid”.
The purchase price for 60% of AAH is $500,000. M Line is issuing 1000 preferred shares, convertible to 50,000,000 common shares based on a current value of $0.01 per share. These preferred shares cannot be converted for one year.
Tony Anish, CEO of M Line, stated: “We are thrilled to take our first step into the Cannabis Industry. The future prospects for American Asset Holdings are impressive, not just in the Cannabis field, but the C-pods can also be used for growing fresh vegetables, a tremendous benefit because the pods are “off the grid” and can be placed almost anywhere. The savings from the use of solar and wind power helps to improve profitability for Cannabis growers and vegetable growers, particularly in weather-challenged areas. Stay tuned for more information and forecasts after we close.”
About M Line Holdings, Inc.
M Line is a holding Company with subsidiaries involved in the Beverage Branding and Distribution industry as well as the Food and Beverage distribution business. Now M Line is adding a Cannabis division. In addition, M Line will continue with its business financing activities while continuing to look for other opportunities in the Beverage and Distribution and Cannabis Industry as well as other prospects that make sense to management.
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