$WSRC Western Sierra Resource Corporation Concludes Transaction With Global Hemp Group to Utilize Strategic Water Infrastructure Assets for Retirement of Debt Obligations and Project Development
Press Release | 05/04/2021
STEAMBOAT SPRINGS, Colo., May 04, 2021 (GLOBE NEWSWIRE) -- WESTERN SIERRA RESOURCE CORPORATION (“WSRC” or the “Company”) (OTC: WSRC) is pleased to announce that having met all “Conditions Precedent,” and additional required documentation having been executed, the Company has now finalized the transaction with Global Hemp Group, Inc. (CSE: GHG / OTCQB: GBHPF / FRANKFURT: GHG) as outlined in the Definitive Agreement executed with Prescient Strategies Group, LLC (“PSG”), in a private, third party transaction (see news releases of February 8, 2021 for further details).
Completion of this transaction paves the way for creation of the Colorado Hemp Agro-Industrial Zone (“HAIZ”) – a Sustainable Green Enterprise in Northwest Colorado and facilitates capital formation opportunities (a Senior Secured Debt Facility utilizing the water assets as collateral) and subsequent growth through completion of a series of targeted acquisitions strategic for accumulation of long-term real estate assets and enhanced value through expansion of water infrastructure.
The transaction also provides the Company with the opportunity to not only retire its existing debt obligations, but to implement and expand WSRC’s green technology and resource development projects including its Mystere Power Group (MPG) technologies, gold and silver mining project, helium production, oil and gas project and other mineral development projects—in addition to expanding its land and existing water infrastructure assets developed over the last 15 years and currently valued at more than +US$40 Million. The availability of these water assets is a key resource in the development of the Colorado HAIZ, which is being developed under the banner of Innovative Hemp Technologies (“IHT”). IHT’s core objective is to develop “green” and “affordable” homes in a Planned Unit Development utilizing hemp-based construction materials to meet historical pent-up demand in the area. The project will maximize the beneficial use of the water assets through all aspects of the HAIZ. This will complement the project’s onsite development of largescale irrigation and cultivation of industrial hemp and the manufacture of hemp-based construction products and textiles. The project will significantly expand the existing water rights and infrastructure assets while generating multiple revenue streams for the Company. In addition, the project will create significant employment opportunities in the region.
About Western Sierra Resource Corporation:
Founded in 1907, Western Sierra Resource Corporation (a Utah corporation), has historically been a gold and silver mining company which continues to own several historical precious metal reserves in Arizona. In 2014 the Company broadened its vision to include natural (and renewable) resources with its acquisition of water rights and associated infrastructure assets in Colorado suitable for myriad “beneficial use” projects. These projects include, but are not limited to, agricultural production; affordable housing; development of “green” energy and energy conservation technologies; real estate development; recreation; stock watering; greenhouse production; open space maintenance; and wildlife habitat. The Company continues to develop and expand “green” energy savings technology opportunity through last year’s announced acquisition of Mystere Power Group (MPG); Helium development opportunity through its joint venture with LTA Exploration; and gold and silver mining opportunities in Nevada and Arizona.
Forward Looking Statements:
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate”, “project”, “intend”, “forecast”, “anticipate”, “plan”, “planning”, “expect”, “believe”, “likely”, “should”, “could”, “would”, “may” or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company’s actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company’s ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company’s operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.
Western Sierra Resource Corp
For Further Information Contact Western Sierra Resource Corporation:
Roger Johnson, CEO
Dennis Atkins, CFO