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International Consolidated Companies, Inc. Announces Restructuring
PR Newswire
SARASOTA, Fla., Sept. 24, 2014
SARASOTA, Fla., Sept. 24, 2014 /PRNewswire/ -- International Consolidated Companies, Inc. (OTC Pink: INCC), a provider of logistical and technological services to the medical marijuana industry through its wholly owned subsidiary, Medical Cannabis Holdings, Inc., has announced that it has completed the restructuring of its core businesses and operational focus, as follows:
INCC owns 100% of Medical Cannabis Holdings, Inc., a Colorado corporation ("MCHI"), which is in the business of acquiring companies with technologies that make growing and processing medical cannabis more efficient, cleaner, greener and smarter.
MCHI owns 100% of:
GroPro Systems, Inc., a Florida corporation ("GroPro"). Antonio Uccello, the CEO of INCC, stated, "We believe that GroPro has the best, most efficient and most effective system for growing medical cannabis hydroponically. GroPro is in the final stages of filing its intellectual property paperwork with the USPTO, which is expected to be completed in the coming weeks, after which we will be able to showcase the system."
Vortex Delivery Systems, Inc., a Colorado corporation that has purchased all of the assets of Vortex Water Pipes. MCHI anticipates adding delivery products to the existing Vortex medical marijuana lines.
Existing projects:
Chaffee County Property:
One of GroPro's significant customers (John Mehos dba Prosperous Valley) is finalizing his application for a medical marijuana grower's license for submission to Colorado, which INCC believes will be reviewed sometime after October 1, 2014. Assuming approval of the state application, GroPro will close on the real estate it has under contract in Chaffee County. It is anticipated that GroPro will begin construction of a state-of-the-art GroPro facility in Chaffee County beginning in the first quarter of 2015, with an anticipated completion by the end of the second quarter of 2015. INCC intends to lease the GroPro System in order to generate a recurring revenue stream. Prosperous Valley's application includes a lease of the state of the art facility and GroPro system for $1,000,000 per month, quarterly in arrears.
New Business Opportunities:
MCHI is working with several successful growers in Colorado to lease the GroPro System, two of which have made a preliminary commitment to leasing the system in Denver facilities. GroPro is also pursuing a joint venture with a real estate owner in Denver that is interested in partnering with GroPro.
MCHI is consulting on a preliminary medical marijuana facility and permit applications in Canada, and is currently in contact with Canadian officials and local landowners to determine the best course of action. Such applications could be completed and approved as early as the end of fourth quarter 2015, depending on Canadian municipal and provincial schedules.
MCHI is reaching out to existing and potential growers in Colorado, Washington, California and other states around the country to build facilities outfitted with the GroPro System.
Mr. Uccello states, "With many of the above initiatives already underway, we are setting the groundwork for our company today and for the future to be at the forefront of this nascent industry. We are truly committed to helping those who could benefit from medical marijuana by offering growers the best possible hydroponic solutions, and to create facilities designed to maximize growth and yield potential."
ABOUT INCC
International Consolidated Companies, Inc. ("INCC" or the "Company") is focused on acquiring and expanding businesses that offer services and technologies to assist medical marijuana growers and patients with more efficient production and smarter delivery systems. Through targeted acquisitions, brand recognition and real estate and technology joint ventures, the Company believes it can capture significant market share in Colorado, Washington State, and California. INCC will provide both technology and consulting services to medical cannabis growers, activists and industry professionals. The Company believes it will generate revenue by leasing its propriety technologies to qualified licensed medical growers, and by providing training and consulting services to assist lessees in operating their businesses more profitably.
DISCLAIMER
Certain of the statements contained herein are "forward-looking statements" within the meaning of federal securities laws and, as such, are subject to risks and uncertainties that could cause actual results to differ materially from those described in such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on management's expectations as of the date hereof, and the Company does not undertake any responsibility to update any of these statements in the future.
SOURCE International Consolidated Companies, Inc.
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