Business
County Line Energy Corp. Completes Definitive Agreement for Acquisition of Grow Box 5000 Cannabis Hydroponics Technology
County Line Energy Corp. Completes Definitive Agreement for Acquisition of Grow Box 5000 Cannabis Hydroponics Technology.
About this update from County Line Energy Corp.
[{"type":"text","content":"\nBurnsville, MN, July 16, 2018 (GLOBE NEWSWIRE) -- County Line Energy Corp. (“County Line” or the “Company”) (OTC: CYLC), is pleased to announce it has completed a definitive Asset and Stock Purchase Agreement (the “Definitive Agreement”) for the acquisition of all assets related to Grow Box 5000, a self contained, automated, and expandable hydroponics system for use in growing plants, vegetables, and cannabis.  Grow Box 5000 assets include all intellectual property related to the technology, all existing prototypes, and an initial potential customer list with 50 pre-orders. \n As outlined in the Definitive Agreement entered into with Daniel Serruya, Eric Dena, and Vince Andreula (the “Parties”), the Company has formed a new operating subsidiary, D5 Partners, Inc. (“Subsidiary” or “D5 Partners”), for funding and commercialization of Grow Box 5000.  The Company has also agreed to provide financing to the new D5 Partners subsidiary in the amount of a minimum of $1,000,000 and up to $2,000,000 within one year of the closing of the Definitive Agreement.  Initial equity of the Subsidiary has been allocated as 51% to the Company and 49% to Eric Dena (“ED Equity”).  The Company has retained an irrevocable option to purchase the entire 49% ED Equity interest based on a negotiated valuation determined by an independent third party.  As soon as practicable, the Company intends to change its name to D5, Inc. or another suitable name, and subsequently apply for a suitable trading symbol change. In conjunction with the execution of the Definitive Agreement (i) Eric Dena purchased 70,000,000 restricted shares of CYLC common stock from Daniel Serruya, and ii) Vince Andreula purchased 28,500,000 shares of CYLC common stock from Serruya.  The Definitive Agreement also specifies that the Company will exchange all or part of the 28,500,000 shares of CYLC common stock owned by Andreula for Preferred Shares which will contain super voting rights that provide him voting control of the Company.  Following execution of the Definitive Agreement, Eric Dena was appointed as CEO and the director of the Company.  Vince Andreula was also appointed to be Board of Directors of the Company.  Daniel Serruya has resigned from all ...