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[ThatHawaiiGuy]

$MJTK: CannaSys, Inc. Announces Acquisition of Alliance Financial Network, Inc.

Has no hit Market Watch and is no showing up in my D AMerirade news feed las hing I have under MJTK is from March 14th this:

Increased Sales and Product Development Continues Despite Federal Ambiguity in Cannabis and Legal Marijuana Industry
https://research.ameritrade.com/grid/wwws/research/stocks/news/article?c_name=invest_VENDOR&docKey=100-073p0504-1


News has not hit all oulets...


But here is the PR:

CannaSys, Inc. Announces Acquisition of Alliance Financial Network, Inc.
http://finance.yahoo.com/news/cannasys-inc-announces-acquisition-alliance-130000072.html

DENVER, CO / ACCESSWIRE / March 30, 2017 / CannaSys, Inc. (OTC PINK: MJTK), a marketing, branding, and technology company, signed a letter of intent to acquire Alliance Financial Network, Inc. ("AFN"). AFN is a Colorado-based financial technology (Fintech) company that provides a unique, proprietary digital transaction and mobile payment solution. AFN, a federally registered financial institution, has developed, owns and operates eXPO™, its electronic eXchange POrtal.

eXPO™ provides access for consumers and businesses to transfer funds electronically, whether consumer-to-consumer, consumer-to-business, business-to-consumer or business-to-business. eXPO™ delivers electronic payment solutions to multiple industries. AFN is currently working with companies in a number of vertical markets that can leverage the eXPO system immediately because of its universally compliant foundation and its ability to be scaled rapidly.

AFN's proprietary eXPO™ technology facilitates transactions between members inside the eXPO™ network, and between network members and those outside the network, to address those served by traditional, as well as non-banked, under-banked and cash intensive industries. eXPO™ members include consumers, businesses, and governmental agencies. eXPO™ has the ability to accurately track and report local, state, and if applicable, federal tax obligations of consumers and retailers. eXPO™ can be found at www.getexponow.com.

AFN and eXPO™ are registered with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) as a financial institution. This registration provides AFN with the appropriate regulatory framework and guidance on a federal level for Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance. The eXPO™ mobile application is downloadable by consumers and businesses once they become an eXPO™ member.

CannaSys will acquire AFN by issuing a controlling equity stake in the proforma company, whereby AFN will become a wholly owned CannaSys subsidiary. The combined company will market AFN's products, and platforms, as well as the CannaSys suite of products. As part of the transaction, AFN's nominees will become directors and key officers of CannaSys, and the Cannasys, Inc. name will be changed to Alliance Financial Network, Inc. On February 12, 2017, CannaSys solidified its commitment to closing the transaction with a direct investment in AFN.

"I could not be more excited about AFN's core products, its management team, and its exponential growth prospects across multiple industries," commented CannaSys CEO, Michael Tew. "eXPO™ was created to meet the demands of a changing landscape within the payments industry, and it demonstrates how the fintech sector continues to introduce revolutionary product offerings."

In addition to the controlling interest issued to AFN as part of the transaction, AFN will be eligible to earn additional shares for meeting certain performance targets based upon the rollout of its core eXPO™ technology within the next two years. The metrics for the earn-out are the following:

1. Executed agreement or contracts that use AFN's technology and/or platform and result in projected revenue of $5 million in the following 12 months; or
2. Executed agreement or contracts with commercially reasonable terms that result in the deployment of AFN's technology in more than 250 retailers over the following 12 months.

"The earn-out targets are a cornerstone of AFN's alignment with shareholders and further demonstrates AFN's conviction regarding its products and business strategy," commented Tew.

Larry Lipman, AFN CEO and Founder, noted: "Our transaction with CannaSys is accretive to AFN's discussions with regulators and retailers. We have already made substantial progress in delivering a valuable regulatory-compliant product to the marketplace. Now we are focused on accelerating growth opportunities in the upcoming year."

Completion of the AFN acquisition is contingent on a number of factors, including the execution of a definitive acquisition agreement, compliance with representation and warranties, the satisfaction of specified conditions, and other matters.