Sarasota / ACCESSWIRE / June 17th, 2014 / reported today that, International Consolidated Companies, Inc. entered into a binding letter of intent to acquire GroPro Systems, Inc. GroPro Systems, Inc. has developed a what it believes is a state of the art hydroponics system which uses a fraction of the power and half of the nutrients to grow a crop.
"We are excited about this new technology and its impact on growing medical cannabis. This technology does not just impact this vertical market, but also may have serious potential impact on personal growing and the world food supply. ", said Antonio Uccello, CEO.
The consideration for this transaction is 3x 1st years expected EBITDA of $500,000 or $1,500,000 in restricted INCC shares. The companies shall work quickly to complete a definitive acquisition agreement.
About Medical Cannabis Holdings, Inc. (Formerly International Consolidated Companies, Inc.)
Except for historical information contained herein, this document contains forward-looking statements within the meaning of Section 21-E of the Securities Exchange Act of 1934. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's annual reports on Form 10-K and its quarterly reports on Form 10-Q both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
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SOURCE: International Consolidated Companies, Inc.