IMD Companies Inc (ICBU)

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May 10, 2017 - 11:16 PM EDT
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iMD Companies, Inc. (ICBU) In Negotiation with Public Company for Buyout of iMD Meds, Hydroponics, CBD, and Hemp Energy Protein Bar Division

PLACERVILLE, CA, May 10, 2017 /PRNewswire/ - iMD Companies, Inc. (OTC: ICBU) Board of Directors announced today that the company has received an offer from a public company to buyout iMD Meds and all other Hydroponics, CBD products including their Hemp Energy Protein Bars. The company is currently negotiating the terms of the agreement and plans to announce the finalization of the deal. The company is looking to streamline its efforts and focus solely on being a mining company. The company feels more comfortable in registering with the SEC as a Mining company and feels the registration will be clearer for auditors and regulators.

The company completed its acquisition of Krishna Minerals back in October 2016. Krishna Minerals is a producing mine in India with over 600 acres of mining claims, which are producing manganese and Iron ore metals. Krishna Minerals has major contracts with the Chinese government to supply manganese and Iron ore to China. Krishna Minerals has received several new contracts and recently received a 66-million-dollar contract for 100,000 Metric Tons of Magnesia Chrome Powder. Because of this increased demand in mining contracts, the company feels it should focus all its efforts into mining. The company is also planning a name change to better reflect a mining company.

Richard Wilson CEO of ICBU stated, "We are excited about this buyout offer to acquire all of our Hydroponics and CBD related products including our Hemp protein bars. We feel this offer will bring substantial assets into the company. When the buyout is completed it will give IMD Companies Inc., the opportunity to focus all its efforts on mining."