Business
Pineapple Express Provides Letter to Shareholders
Pineapple Express Provides Letter to Shareholders.
About this update from Pineapple, Inc.
[{"type":"text","content":"\nLOS ANGELES, April 28, 2016 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTCPink:PNPL) (the “Company”), a publicly traded company that offers consulting, technology, investments, turn-key property rentals and branding concepts to businesses in the legal cannabis industry, today issued the following shareholder update letter from Matthew Feinstein, CEO and Chairman.\nTo our valued shareholders:First and foremost, I wish to thank you for your continued support. As CEO of Pineapple Express, I am pleased to provide an update on the recent developments and milestones that we have achieved, and discuss our vision for the Company’s future.RECENT DEVELOPMENTS AND MILESTONESBelow is a summary of our recent achievements and plans:The Company has paid the first of two equal installment payments on its $600,000 secured note issued in connection with the acquisition of THC Industries Inc. in February 2016.  The Company plans to pay the final $300,000 installment in May 2016. The Company has already taken possession of the domain www.thc.com, the THC® registered trademark, and the business operations of THC Industries Inc., which are operated through the Company’s wholly owned subsidiary THC Industries, LLC.The Company confirmed it is in the process of purchasing all of the 10.08 acres of the ‘Pineapple Park’ project.The City of Desert Hot Springs currently owns 1.26 acres of the 10.08 acre project and we are happy to report that a market value sales price has been agreed upon and we expect to enter into escrow and consummate the purchase of this parcel in the second quarter of 2016.The Company has finalized its revised site plan comprised of 10 buildings totaling 168,610 SF of rentable warehouse space. We have decided not to pursue building greenhouses for our clients but to keep to our original plans of erecting traditional steel warehouses only, due to the extreme climate conditions that occur in Desert Hot Springs.The Company is undergoing a routine audit performed by RBSM, LLP in order to qualify to become an SEC reporting company. The Company anticipates the audit will conclude shortly.The Company engaged its SEC advisory counsel, Sichenzia Ross Friedman Ference LLP, to commence work on a Form 10 Registration statement to be filed with the SEC, to achieve fully reporting status.The Company...