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County Line Energy Corp. Signs Agreement to Acquire Grow Box 5000 Cannabis Hydroponics Technology
County Line Energy Corp. Signs Agreement to Acquire Grow Box 5000 Cannabis Hydroponics Technology.
About this update from County Line Energy Corp.
[{"type":"text","content":"\nBurnsville, MN, June 26, 2018 (GLOBE NEWSWIRE) -- County Line Energy Corp. (“County Line” or the “Company”) (OTC PINK: CYLC), today announced that the Company has entered into a non-binding Memorandum of Understanding (the “MOU”) with Daniel Serruya, Eric Dena, and Vince Andreula (the “Parties”) pertaining to the acquisition of the assets of Grow Box 5000, a self contained, automated, and expandable hydroponics system for use in growing plants, vegetables, and cannabis (the “Grow Box 5000 Assets”).\n As contemplated in the MOU, County Line will acquire all Grow Box 5000 Assets from owner Eric Dena.  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.  The Parties agree to finalize the terms of the asset purchase in conjunction with the finalization of the Definitive Agreements proposed in the MOU.  The Company has also agreed to finance the newly formed Grow Box subsidiary with debt financing of up to $1,000,000 within one year of the execution of the Definitive Agreements. In conjunction with the execution of the MOU’s proposed Definitive Agreements (i) the CEO of County Line, Daniel Serruya, and Eric Dena agree to enter into a Stock Purchase Agreement whereby Serruya will sell 70,000,000 restricted shares of CYLC common stock to Dena, and ii) Serruya and Vince Andreula also agree to enter into a Stock Purchase Agreement whereby Serruya will sell 28,500,000 shares of CYLC common stock to Andreula.  The Company anticipates exchanging all or part of the 28,500,000 shares of CYLC common stock that will be owned by Andreula for Preferred Shares, which will provide him additional voting rights.  Upon execution of the Definitive Agreements, Daniel Serruya has agreed to resign as the sole officer of the Company and Eric Dena will be appointed as the sole officer of the Company. Daniel Serruya, CEO of County Line, commented, “I am extremely pleased to have entered into this agreement for County Line to acquire all the assets of Grow Box 5000, a self contained, automated, and expandable hydroponics plant and vegetable grow system.  Closing this acquisition should immediately position the Company with a potentially high-dem...