Business
Cannabis Consortium Has Acquired Indulge Oils in a Cash and Stock Transaction
Cannabis Consortium Has Acquired Indulge Oils in a Cash and Stock Transaction.
About this update from Aj1g Inc.
[{"type":"text","content":"\n- Cannabis Consortium will immediately book $800,000 in equipment assets\n - Indulge Oils has over $800,000 in inventory COCONUT CREEK, Fla., May 17, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. DBA Cannabis Consortium has executed an Asset Purchase Agreement purchasing an operating established Cannabis Distillate and brand in California. Indulge Oils www.indulgeoils.com has been acquired for $4 million dollars consisting of $2 million in cash and $2 million in equity of Global Consortium. Global Consortium has wired $500,000 and issued a Note for $1.5 million due and payable On July 1, 2018, and will issue 2 million shares of its Common stock value at $1.00 per share. Indulge Oils was being courted by a Canadian firm to go public and was given a valuation of $7 million dollars. Due to our relationship with one of the members of the group that sold Indulge Oils and the fact that Indulge Oils has been our cannabis partner since last year, Cannabis Consortium was able to purchase Indulge Oils at a multiple of 2.5 times assets. Cannabis Consortium will book total assets of approximately $1.6 million for equipment and inventory. Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD. 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...