American Green Inc (ERBB)

[raangel]

Share buy back or R/s imo

American Green Transitions Acquisition With TrackX Into Software Reseller Agreement

Oct 09, 2015
OTC Disclosure & News Service

-

American Green Transitions Acquisition With TrackX Into Software Reseller Agreement

TEMPE, AZ--(Marketwired - Oct 9, 2015) - American Green, Inc. (OTC PINK: ERBB) announced today that it has terminated the previously-signed Purchase and Sale Agreement announced on June 28, 2015, under the terms of the newly signed Reseller Agreement.

The current share price, combined with other strategic and operational initiatives have hindered the company's ability to complete the acquisition with TrackX at this time. The strategic value of a relationship with TrackX in the delivery of world class RFID-enabled Asset Tracking Solutions to the Cannabis Industry remains significant and, as such, a Reseller Agreement with TrackX will still afford American Green the ability to respond to the increased demand for Asset Tracking Systems within the industry.

"The Reseller Agreement allows us to quickly gain traction in the market at less cost than an acquisition, while also allowing TrackX to continue to expand their asset tracking business to a growing number of Fortune 1000 customers," according to Steph Shearin, American Green president.

The newly issued shares that were previously reserved for the TrackX acquisition will be returned by the escrow agent, and, once received by American Green, will be cancelled.

"American Green has an amazing opportunity in the Seed-to-Sale marketplace. Our cultivation opportunities, such as those that were recently announced, have shown us where the industry is at present and it's a long way from where it could be and where I believe it will be.

"We remain confident that TrackX is the best partner to help implement our seed-to sale-strategy for legal cannabis operations, as well as for local and state governments. As always, the Company will continue to keep its shareholders abreast of developments as they occur," concluded Shearin.

If you haven't heard, the American Green 420 Report is available online. Filmed and produced at the American Green studio in Tempe, AZ, media director Will Harris brings you a weekly report of the good, the bad, and the fascinating as he keeps our 50,000 shareholders and viewers up to date with the "goings on" within the legal cannabis business in the US and around the world.American Green Transitions Acquisition With TrackX Into Software Reseller Agreement

GLTA!