Quote: UPDATED: ID Global Corporation Signs Letter of Intent With Established Medical Marijuana Grower
Jul 24, 2014 OTC Disclosure & News Service
CHICAGO, July 24, 2014 (GLOBE NEWSWIRE) -- ID Global Corp. (OTC:IDGC) is pleased to provide an update pursuant to the execution of the LOI announced on July 23, 2014.
The letter of intent is at least partially binding and subject to due-diligence. However, the following covenants are binding legal obligations and are not subject to due diligence:
$20,000 Deposit to be provided by IDGC for a 5-acre parcel of land with plans to construct a 20,000 sq. ft. facility. IDGC shall have access to, and have an unrestricted right to use otherwise confidential information of this established Medical Marijuana grower in Vancouver BC, Canada, consisting of intellectual property rights, related to but not limited to the growing of marijuana in a highly efficacious manner, as illustrated in its current business plan and to be further developed by IDGC, coupled with the potential filing of an S-1 for this marijuana grower. Accordingly, while we believe there are many reasons that transaction will be consummated, even though the document is captioned as a letter of intent, IDGC retains valuable rights even if a transaction is not consummated. Accordingly, the expenditure of the $20,000 nonrefundable amount enables IDGC to continue its quest to profitably pursue the medical marijuana business. Nonetheless, investors are cautioned that IDGC has not yet entered this business.
CHICAGO, July 23, 2014 (GLOBE NEWSWIRE) -- ID Global Corp. (OTC:IDGC) is pleased to announce that it has signed a Letter of Intent (LOI) today to begin the due diligence process with an established Medical Marijuana grower in Vancouver BC, Canada. The company has been growing Medical Marijuana for 5 years. They currently own and operate multiple grow operations throughout British Columbia. They have production capabilities to service thousands of clients with the ability to expand rapidly. Management's knowledge and expertise in the Marijuana industry has shown steady growth in their operations since inception. Due to the covenants of the LOI the company's name cannot be released until the due diligence period is complete.
Sebastien DuFort, president and CEO stated "We have been carefully seeking a way to enter the industry. With legalization happening in multiple markets we wanted to partner with an established outfit to be part of this huge opportunity. The slated growth for Medical Marijuana is enormous and we feel this would position IDGC to become an industry leader."
CHICAGO, July 22, 2014 (GLOBE NEWSWIRE) -- ID Global Corp. (OTC:IDGC) is pleased to announce that it has retained Securities Counselors, Inc. (SCI), a law firm specializing in securities law, with a focus on OTC companies, to handle all corporate legal needs as well as to assist in asset recovery of current portfolio companies and help navigate the legal maze of the medical marijuana industry.
Sebastien DuFort, president and CEO, stated, "We have been working with SCI for some time and are pleased to officially bring them aboard as corporate counsel. We feel that their background in representing medical marijuana companies and their overall knowledge of OTC legal requirements will help us navigate this treacherous landscape of conflicting state and federal laws. We feel that the legal advice that we seek from SCI is imperative and critical, given the fact that while the use, distribution and growing of medical marijuana has been legalized by some states, federal law still prohibits these activities. Investors are cautioned that we are not in the medical marijuana industry at this time."
AI
