JACKSONVILLE, FL / ACCESSWIRE / October 13, 2020 / Innovative Technologies Group, Inc. (the "Company" or "ITG"), a privately-held, growth-oriented technology company that plans to utilize its proprietary adaption of a proven processing technology used across many industries to process raw hemp oil (crude) to THC free distillate (CTD) at a lower cost and without the use of solvents, today announced that it is offering for sale up to a maximum of One Million One Hundred Thousand ($1,100,000) original principal value of one series of Unsecured Convertible Promissory Notes (the "Convertible Notes") to accredited investors pursuant to Rule 506(c) promulgated under Regulation D of the Securities Act of 1933, as amended (the "Securities Act") and/or other applicable exemptions from registration under the Securities Act and applicable state law (the "Offering").
The Company is offering Convertible Notes that bear simple interest at the rate of 11.67% per annum on the outstanding principal balance with a maturity date of two years from investment. Principal and accrued simple interest under the Convertible Notes are convertible into shares of common stock of the Company at a conversion price equal to $2.19 per share on or before two years from investment. The Company may prepay the Convertible Notes and accrued but unpaid interest in full at any time prior to or upon the applicable maturity date by providing 30 days' advance notice.
The Company intends to use the proceeds of the Offering for the equipment and production facilities for its CTD Projects for cannabinoid production, working capital, and reserves.
"We believe the emergence of responsibly processed various biomass materials and the manufacturing of all-natural, whole plant products including THC free distillate and other extracts from CBD dominant cannabis, represents an exciting and attractive investment opportunity," said Robert Bryant, CEO of Innovative Technologies Group, Inc. "We expect the proceeds from this Offering to provide the Company with capital needed to continue to execute our growth strategy."
Under Rule 506(c), general solicitation of offerings is permitted, however, purchasers in a Rule 506(c) offering must be "accredited investors." This press release does not constitute an offer to sell nor a solicitation of an offer to purchase any securities in any jurisdiction in which such an offer or solicitation is not authorized and does not constitute an offer within any jurisdiction to any person to whom such offer would be unlawful. Further, the securities being offered by ITG have not been registered under the Securities Act, any state securities laws, or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements.
For additional information on Innovative Technologies Group, Inc. and to request our Offering materials, please visit:www.itgincorporated.com or https://innovativetechnologiesgroupllc.evesttech.net/investment/prj1465031295ed13
About Innovative Technologies Group
Innovative Technologies Group, Inc. is a growth-oriented technology company that plans to utilize its proprietary modular biomass processing unit (MBPU) technology and crude to THC free distillate (CTD) technology to develop and market efficiently-produced biomass into clean, high-value cannabinoid and carbon-based products. The Company plans to responsibly process various biomass materials and manufacture all-natural, whole plant products, including THC free distillate and other extracts from CBD dominant cannabis. The biochar created by the MBPU will be further processed into activated carbon and graphene-based products, and that development process is in progress.
For additional information, please contact:
Scott L. Anderson
Investor Relations and Corporate Communications
Innovative Technologies Group, Inc.
Or visit our website at www.itgincorporated.com.
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: statements concerning the company's strategy; operating forecasts; capacity, financing, and construction of new projects or expansions of existing projects; working capital requirements and availability; illustrative plant economics; and the use of share price value projections.
Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
The company is not providing any investment advice or making any investment recommendations to any persons, ever, and no communication through itgincorporated.com or in any other medium should be construed as such. Investors should not invest based on this press release alone, but rather should read and understand the private placement memorandum and all offering documents before making an investment decision.
SOURCE: Innovative Technologies Group, LLC