$IDGC: UPDATED: ID Global Corporation Signs Letter of Intent With Established Medical Marijuana Grower
Source : GlobeNewswire Inc.
Stock : Idglobal Corp. (PC) (IDGC)
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.
About ID Global Corporation
ID Global Corporation (IDGC) is a diversified holdings company with a focus on emerging and middle market investment opportunities in North America. IDGC seeks, through debt and equity investments, minority positions as well controlling interests in established companies and special situation start-ups.
- Go IDGC
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