CaliPharms Inc (KGET)

[zeekhoe]

NEWS: KGET Provides Marijuana Farm Acquisition Update

http://www.otcmarkets.com/stock/KGET/news/KGET-Provides-Marijuana-Farm-Acquisition-Update?id=149227&b=y

Riverside, CA -

Kleangas Energy Technologies, Inc. (OTCPink:KGET), a developmental stage acquisition company in the Cannabis industry (awaiting a pending name change to CaliPharms, Inc.), is in the final stages of completing its first acquisition of a Northern California medical marijuana farm.
KGET currently has a signed term sheet with the Northern California outdoor marijuana grower and is now in the final stages of completing a stock purchase agreement to own 51% of the marijuana/cannabis farm. The Farm has been in business since 2010 as a non-profit California corporation, which is fully permitted to grow medical marijuana in the State of California.

In 2017, the acquisition candidate is projecting to grow about 4500 pounds of flower and 4700 pounds of trim per year. The trim will be sold for use in the cannabis oil concentrate business.

The total purchase price for the stock purchase agreement is outlined to be $1,750,000 USD. KGET has outlined to pay for the business in the form of a promissory note. The promissory note is to be deducted from KGETâ??s 51% ownership and secured by 175 shares in Preferred C Series Stock Issued as security for the Promissory Note until the note is paid in full. Preferred C Shares have a market value when converted to common of $10,000 per share.

KGET management determined that a 51% ownership model was ideal for its first acquisition because it incentivizes the current owner operator to maintain a high degree of efficiency in running the business.