KGET moves closer to completing its first marajuana cannabis farm acquisition
RIVERSIDE, CA, USA, January 24, 2017 /EINPresswire.com/ — Kleangas Energy Technologies, Inc. (OTCPink:KGET), a developmental stage acquisition company in the Cannabis industry (awaiting a pending name change to CaliPharms, Inc.), is in the final stages of completing its first acquisition of a Northern California medical marijuana farm.
KGET currently has a signed term sheet with the Northern California outdoor marijuana grower and is now in the final stages of completing a stock purchase agreement to own 51% of the marijuana/cannabis farm. The Farm has been in business since 2010 as a non-profit California corporation, which is fully permitted to grow medical marijuana in the State of California.
In 2017, the acquisition candidate is projecting to grow about 4500 pounds of flower and 4700 pounds of trim per year. The trim will be sold for use in the cannabis oil concentrate business.
The total purchase price for the stock purchase agreement is outlined to be $1,750,000 USD. KGET has outlined to pay for the business in the form of a promissory note. The promissory note is to be deducted from KGET’s 51% ownership and secured by 175 shares in Preferred C Series Stock Issued as security for the Promissory Note until the note is paid in full. Preferred C Shares have a market value when converted to common of $10,000 per share.
KGET management determined that a 51% ownership model was ideal for its first acquisition because it incentivizes the current owner operator to maintain a high degree of efficiency in running the business.
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About the Kleangas Energy Technologies Inc.
Kleangas Energy Technologies, Inc. is a developmental stage acquisition company with a name change pending to “CaliPharms, Inc.” The Company foresees acquiring, merging, and joint venturing with legally permitted fully operational marijuana-cannabis businesses. The Company currently is seeking acquisitions in medical marijuana-cannabis cultivation. The second tier of development for the company is to expand into other sectors that support the legalized marijuana industry. The company will expand its operations as the laws for each individual State change and allow. Initially the Company will focus on medical grade marijuana-cannabis within the State of California.
Safe Harbor Statement:
Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Kleangas or KGET or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Investment into a microcap company is a high risk investment and it should only be considered if you are able to afford a total loss of the investment. Laws and Regulations of Marijuana are currently in direct contradiction between California and Federal Law and these factors should be a part of your consideration when making an investment into KGET.
Kleangas Energy Technologies, Inc. (KGET)
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Source: EIN Presswire