IJJ Corporation (IJJC) announces the completion of negotiations and closing
of transactions in which it acquired contractual rights to receive income from two separate medicinal marijuana farming operations, of $2,000,000 and $100,000 annually, in perpetuity.
SILVER SPRING, Md. - December 19, 2014 - InvestorsHub NewsWire - IJJ Corporation (IJJP.PK) was able to on Friday, November 27, 2014, completed its negotiations and closed transactions in which it acquired a contractual right to receive income from two separate medicinal marijuana farming operations, of $1,990,625 and $109,688 annually, in perpetuity.
The Company, along with five other publicly traded companies, bought into and became a beneficiary of contracts (Suite of Services/Funding/Rental Agreements) with the World of Marihuana Productions Ltd. (the “WOM Agreement”) and with Michigan Plant Technologies LLC (the “MPT Agreement”). The contracts will be available for reviewed on our website, at Cannabisheadliners.com within two weeks.
This transaction was approved by a court of competent jurisdiction following a fairness hearing. We were able to acquire $2,100,313 of annual income in exchange for stock to be delivered in the future, over time, currently worth, $1,466,400 at today’s price. The value of the stock to be conveyed by the Company is less than one year’s income, even though the income to be paid pursuant to the contracts is to continue for as long as the marijuana farms continue to operate. Company’s management feels that entering into such multi-year agreements in return for shares of the Company is a great opportunity. As a result of our involvement in the financing of this project, it is our opinion that we will be in line for other similar projects in the medicinal marijuana field.
Collectively, the total of the periodic contract payments, annually, provided for in the MPT Agreement and the WOM Agreement, are $11,375,000 and $731,150, respectively, referred to herein as the “Property Interests”.
The contracts also require that the investors from whom the Property Interests were acquired (in exchange for the stock) pay, collectively, to construct the farms and the facilities $3,500,000 and $750,000 respectively. None of the five publicly trading issuers are obligated for these payments to facilitate the construction of the facilities for the growing of medicinal marijuana, that being the responsibilities of the investors. Following the execution of all of these agreements, the investors remain liable for their portion of these obligations and the issuers will receive the income amounts or Property Interests. Until the investors’ obligations are paid in full, 90% of any and all amounts realized are placed in escrow, to assure that the farms and facilities are constructed.
Once the construction process of the farming operations commences, the WOM and MPT principals will provide weekly updates, including photographs of the progress.
J. Udesky, Manager of Michigan Plant Technologies (MPT) LLC, explained that “We are thrilled that Green Science was able to put together its own brand of ‘crowdfunding’ with this unique group of public companies (Tykhe Corporation (formerly, Halberd Corporation, a Nevada corporation, “HALB”), Gear International (“GEAR”), Fuzznbuzz Brands, Inc., a Colorado corporation (formerly, Central Wireless, Inc., “CWIR”), National Properties Trust (formerly, Encounter Technologies Inc., “ENTI”), a Colorado corporation, Texas Wyoming Drilling (“TWDL”), and IJJ Corp. (“IJJP”) to complete our fund raising for this project”. MPT’s J. Udesky further explained “this project will create the funds that we need to keep our local labor and food shed projects intact. Therefore, we were perfectly content with giving away the vast majority of the profit to these funding companies, in order to secure the necessary construction financing to expand our operation.”
Josh Alper of Green Sciences explained that “the output from a single grow container equals that of 1.5 acres of an outdoor facility, without the hazards of weather and pests, and without pesticides or the hazards of mother-nature. 50 grow containers occupy approximately 1000 square feet of grow space.
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