Under the Symbol:
GRN Holding Corporation Signs Strategic Non-Binding Letter of Intent with Squad Drone
Wednesday, December 11, 2019 10:45 AM
SEATTLE, WA / ACCESSWIRE / December 11, 2019 / GRN Holding Corporation, (OTC PINK:GRNF, the "Company"), announced it has signed non-binding letter of intent to purchase Squad Drone (www.squad-drone.com) and launch its delivery drone program. This program will license its drones and technology to state-registered hemp and cannabis companies to deliver business-to-business (B2B) orders.
The fleet of drones has been undergoing testing and customization for the industry over the last year and consists of six drones with a payload of up to 40 kilograms and delivery range of 10 km. The drones will be outfitted with a highly accurate advanced GPS navigation system and a digital signature interface. The drones will also be outfitted with the CannaTrac payment system for closed loop payments on delivery. The application will integrate with both producers/processors and retailers.
Once due diligence is completed and material definitive agreements are executed, this intended acquisition will reflect another material change to the Company's business plans and will result in a key technological acquisition.
Squad Drone is located in Bellevue, Washington and is a division of GRN Funds.
Justin Costello, CEO of GRN Holding Corporation, stated, "It has been hard for me to keep this project a secret, because it is so cool. This is the boldest move yet in the industry we have gotten involved with, and we anticipate that we will be working diligently with state regulators to make sure the technology meets the regulatory standards and requirements set forth in various states. We anticipate the entire industry will adopt this where applicable."
Logistics and security are a large cost to the industry. We expect to remove about 80% of costs, increase delivery timelines/safety, and develop a more eco-sensitive process for getting product from point A to point B. The drones are battery operated but have a hybrid system that acts to recharge and extend flight times if needed. All the flights will be monitored by a command center in Seattle and operated by a licensed pilot. We expect hiring about 20 employees in the various cities to hook the drones into charge ports, calibrate them, and ensure the safety totes and computer systems pass flight requirements.
Tom Gavin, CEO of CannaTrac, stated: "It's awesome that our company can be part of something so groundbreaking while helping to create cashless safety standards for the hemp and cannabis industry. This hits all the needed elements for a true market disruptor. In speaking with Justin, basically the cost to run and operate a drone is 1/10th of a van or sprinter, so this is not some move to change an industry on just policy or technology, this will change an industry based on safety and cost savings as well."
The letter of intent is not binding and is subject to the completion of due diligence, financial audits, and the execution of a material definitive agreement, which the Company expects to diligently complete and disclose in follow-up press releases and in its SEC filings.
About GRN Hold Corporation
GRN Holding Corporation (OTC:GRNF) is a Nevada-registered publicly traded company.
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This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
SOURCE: GRN Holding Corporation