"We have an in-person meeting with CigaWatt Mngt tomorrow to move onto the "soft close" step of our deal. We are moving quickly now but we've been planning this out since September. Please follow $LIBE on Facebook for more details"
"I'd like to see a soft close ASAP (I'd write a check tomorrow even) but want to get a few quotes regarding their audit. Once we sign, clock starts ticking so we want to be 100% on costs and time frame to be under the 75 days. Quotes this week into next $LIBE"
"These are the steps to complete this deal. We are proceeding with the 3rd step as of tomorrow with an in person meeting with Cigawatt’s management team.
1. Letter of Intent:
* Executed and filed.
2. The Details Prior to Going Public:
* Organizing CW’s financials. P&L statements, liabilities, etc. We’ll need these for an audit during a closing but I’ll have to have reviewed them prior to soft close
* Due Diligence Questionnaire. This is a long, detailed document our lawyers have drawn up that asks questions regarding the CW company.
* LIBE’s Filings. All of the details of our company are publicly disclosed and audited every 3 months. All liabilities to be addressed
* Develop Closing Contract. During this time we’ll determine exactly how the transactions, payments, share structure, etc. All the details of how we do the deal are negotiated before we go to contract.
3. Soft Close:
* Execute Closing Contract. We’ll provide a TBD sum of capital at this point which is exchanged for 100% of CW shares
* CW Audit. We’ll have @ 75 days to have CW audited by a third party auditor.
4. Hard Close:
* Completion of Audit. Once CW’s audit is complete and filed we release the control position to CW and resign the CEO. CW takes
over and elects board members.
"We stated yesterday that a Reverse Split (R/S) has not been discussed at all with this merger. I want to reiterate that with our current share structure CigaWatt has plenty of room for growth without needing to adjust it in any way in the near term. They have a very solid plan in place for the future that will allow them to consider many options besides a simple reverse. Please keep in mind that there will be a change in management as the current CEO will be turning over voting control to the new CEO/ management team..
We will be keeping everyone updated on progress via social media while we issue out payments to various liabilities (Portland for example) and will follow up with filings in a few days. Again, things are moving quickly and we'd like to thank our loyal shareholders as we realize this has taken far longer a process than we initially anticipate"
"We are happy to finally be able to announce that things have been moving along nicely during this lengthy delay in cleaning up our liabilities. We have used the time to negotiate all the terms of the deal that will bring Cigawatt to the lead of the vaping world as publicly traded vaping lounges. The initial steps are complete and we have a signed letter of intent and are proceeding quickly to transfer controlling interest in Liberated to the incoming management team.
Some of the background deals that had to be worked on included discussions with multiple existing vaping stores that wish to be converted into Cigawatt locations or wish to have exclusive pricing by joining their Co-Op distribution channels. We have also been in discussions to have a highly regarded franchise management company handle the initial rollout of the franchising material for franchise ownership.
“There’s a very exciting business model being developed that’s a unique approach due to being publicly traded in a very fast growing marketplace . It’s perfectly timed as the laws change and big tobacco makes the move into this space. I can’t wait to see the new management plow ahead” - Brian Conway"
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