Alchemist Signs Binding Letter of Intent with San Francisco Bay Area Home Delivery Company Lady Chatterley Health
Wednesday, March 27, 2019 10:11 AM
VANCOUVER, BC / ACCESSWIRE / March 27, 2019 / Alchemist Mining Inc. (CSE: AMS) ("Alchemist" or the "Company") is pleased to announce the signing of a binding letter of intent ("LOI") for the acquisition of a 15% interest in Lady Chatterley Health. The purchase price shall be $210,000 USD, paid in common shares of the capital of Alchemist. Further, Alchemist will undertake to invest a minimum of $800,000 USD in exchange for a further 49% of the company, milestones and details of which will be set out in the definitive agreement.
Lady Chatterley is a unique cannabis delivery service in the San Francisco Bay area, which features a wide array of the finest California Craft Cannabis flower, pre-rolls, stylish vape pens and cartridges, delicious edibles and relaxing spa products. Licensed by the State of California and City of San Francisco, Lady Chatterley's average order value is $148 USD with over 1,500 customers and 65% of current sales are repeat customers. Lady Chatterley is one of the top ranked Type 9 license operators in California due to its successful track record under the California medical marijuana regulations since its inception in 2015.
"We are very excited with the opportunity of partnering with the team at Lady Chatterley. Their customer demographic, current delivery footprint, and above all their high-quality products and user experience, solidly positions our ability to grow the delivery service statewide," said Alchemist CEO, Paul Mann.
Lady Chatterley CEO, Stephen Kerford, said: "Since 2015 we have worked diligently to connect our customers to unique products and producers through the individual stories of these artisans. This relationship with AMS will allow us to grow our offering, increase revenue from existing clients, and expand our offering statewide and eventually nationally throughout the USA."
On Behalf of the Board,
Paul Mann, CEO
Alchemist Mining Inc.
For further information on this release, please contact:
Sukh Sandhu Investor Relations
About Alchemist Inc.
Upon affecting the Fundamental Change as announced on September 25, 2018, Alchemist's goal is to be a global provider of technology solutions to the cannabis sector. It will be primarily focused on investing and building a sustainable portfolio of business entities, by actively identifying opportunities in the developing global cannabis market, through a combination of acquisitions, incubations and investments, with a goal to create shareholder value.
Notice Regarding Forward Looking Statements
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "intends", "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include statements regarding: the proposed Acquisition; expected timing for when Oddyssee will be commercially available; payment of the Cash Price; Zeta Ceti joining the AMS board of directors following completion of the Acquisition; Green Rush providing ongoing software development services to AMS following completion of the Acquisition; approval of the Acquisition by the CSE and shareholders of the Company; and completion of the Consolidation. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, including: that the Acquisition will not complete; that Oddyssee will not be commercially available as or when expected; that the Cash Price will not be paid; that Zeta Ceti will not join the AMS board of directors following completion of the Acquisition; that Green Rush will not provide ongoing software development services to AMS following completion of the Acquisition; that the Acquisition will not be approved by the CSE or shareholders of the Company; that the Consolidation will not complete; that the Company will not be able to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues; that the Company's competitors may develop competing technologies; changes in regulatory requirements; and other factors beyond the Company's control. Additional risk factors are included in the Company's Management's Discussion and Analysis, available under the Company's profile on www.sedar.com. The forward-looking statements are made as at the date hereof and the Company disclaims any intent or obligation to publicly update any forward-looking statements, where because of new information, future events or results, or otherwise, except as required by applicable securities laws.
SOURCE: Alchemist Mining Inc.