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Sugarmade Executes Binding LOI to Create Dynamic New PubCo Targeting Hospitality, Entertainment, and Multimedia Production Markets
Sugarmade Executes Binding LOI to Create Dynamic New PubCo Targeting Hospitality, Entertainment, and Multimedia Production Markets.
About this update from Sugarmade, Inc.
Sugarmade Executes Binding LOI to Create Dynamic New PubCo Targeting Hospitality, Entertainment, and Multimedia Production Markets /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prntac{ TEXT-ALIGN: CENTER } Sugarmade Executes Binding LOI to Create Dynamic New PubCo Targeting Hospitality, Entertainment, and Multimedia Production Markets PR Newswire NEW YORK, Feb. 23, 2023 Proposed Transaction involves $70 million in real estate holdings and the launch of new state-of-the-art multimedia flex space brand, TheMediaBox NEW YORK, Feb. 23, 2023 /PRNewswire/ -- Sugarmade, Inc. (OTC Pink: SGMD) ("Sugarmade," "SGMD" or the "Company"), a product and branding marketing company investing in operations and technologies with disruptive potential, is pleased to announce it has entered into a Binding Letter of Intent (the "LOI"), dated February 21, 2023, to acquire the real estate assets and businesses of Treasure Mountain Holdings, LLC ("Treasure Mountain"), and Victorville Treasure Holdings, LLC ("Victorville Treasure"). $70 million in real estate holdings and the launch of a new state-of-the-art multimedia flex space brand, TheMediaBox.Management believes the full resolution of this strategic process (the "Proposed Transactions") will result in two new dynamic growth-oriented business entities: a legacy OTC company engaged in the legal cannabis marketplace and a new NASDAQ listed company involved in hospitality, entertainment, and multimedia flex-makerspace operations that holds significant real estate and other assets away from the "plant-touching" cannabis arena. Several potential structures and scenarios for the Proposed Transactions have been identified by both parties. Following full review and input from legal counsel and advisors, the parties will select the plan that is in the best interests of shareholders and principals. Real estate assets included in the LOI are the Hilton Garden Inn Palm Springs/Rancho Mirage and the Holiday Inn Victorville. Both are located in California and carry a combined value of $70 million. In addition to the intrinsic value of the real estate controlled by Treasure Mountain and Victorville Treasure, to maximize ...