What did I miss? Is Bob coming back to work on prior business commitments such as:
DC Brands Signs First Contract to Provide Services to the Colorado Marijuana Industry
Source: PR Newswire (US)
NEW YORK and DENVER, June 5, 2014 /PRNewswire/ -- DC Brands International, Inc. (OTCQB: HRDN) ("DC Brands" or the "Company") is very excited to announce that it has signed a management services contract with Venture Investment Partners, LLC ("Ven"), a Colorado based company that is targeting the Colorado marijuana industry. Ven is joining partnerships that currently hold two marijuana grow licenses, one marijuana laboratory license and most importantly, one aged medical marijuana license. These licenses allow them to apply for a recreational sales license in the very near future. DC Brands Green Investors, an 80% owned subsidiary of DC Brands, has been contracted by Ven to provide accounting, payroll, cash management and security services for all of its operations. Green has also committed to provide up to $500,000 of funding to Ven over the next six months.
The contract with Ven will vary over time based upon the amount of services and financing provided and will be analyzed and adjusted at least once a quarter. The initial contract is projected to net DC Brands Green Investors approximately 5% of the EBITA of all of Ven's operations. Our internal financial projections for these projects estimate that the revenue to DC Brands Green in the first three years could fall between $1.5 million and $2.75 million. The Company is looking to replicate this arrangement with multiple groups similarly situated in the industry.
Bob Armstrong, DC Brands' CEO and CFO stated, "We are very excited about this deal - not just because it is our first but because we took our time and found what I believe to be one of the strongest up and coming management teams in the Colorado marijuana industry, one with extensive business management, construction, engineering and multifaceted growing experience."
About DC Brands International, Inc.
DC Brands International, a publicly traded company under the ticker symbol (HRDN). On April 4, 2014, the Company announced that it intended to become a service provider to fully licensed Colorado medical and recreational marijuana businesses.
