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Replies to post #124037 on Green Leaf Innovations Inc (GRLF)
03/23/14 6:10 PM
The Company continues to be active on several fronts as it moves forward. Negotiations continue with Gelpid, the Company's judgement holder; legal discussions are occurring to determine the best strategy for establishing a subsidiary, spinning it off and arranging a registered shelf offering; a due diligence "punch list" has been provided to the owner of the natural gas wells; and the Company is reviewing opportunities to participate in oil projects.
CEO Michael Shea states, "I am pleased with all the activity, but bringing final resolution to the settlement and closing acquisitions has to be accomplished. I am striving to accomplish this, in addition, to finally completing the long awaited audit of our financials. Our auditor, Corso & Company, has provided me a list of four remaining items, which will be provided no later than next week."
Further, the Company negotiations with Gelpid and its principal has progressed resulting in issuance of revised term sheet.
CEO Michael Shea states, "I am pleased with the progress of the negotiations and despite being a judgment holder, Gelpid and its principals are sincerely interested in seeing Gold Coast succeed. I realize shareholders want an expedient and successful conclusion to these negotiations. I will continue to provide updates as events unfold."
The Company is pleased to announce updates on several items:
1. The Company received a revised term sheet from Gelpid, our judgment holder, yesterday and is being reviewed. The Company believes that good progress is being made.
2. In conversations with one of Gelpid's principals and through additional due diligence into the marijuana industry, the Company believes that opportunity exists to participate in the growth via acquisition/construction of "turn-key" grow facilities, as well as, retail dispensary locations. Both would have identical looks to create a recognizable brand for roll out into other locations/states as laws are changed.
3. Given the capital required to pursue this strategy, the Company, via its subsidiary, would propose to be the general partner and raise capital from private investors. Obviously, the Company would retain an interest and control the brand.
4. This real estate strategy would complement the private business or be a standalone business line.
5. The new subsidiary is being worked on with the Company's legal advisor
6. Lastly, the remaining four items have not been supplied to the Company's auditors. The blame is squarely on the CEO and this will be accomplished by next week. The audits are a critical piece of the overall strategy.
Gold Coast Mining Corp. (OTC Pink: GDSM) (PINKSHEETS: GDSM) is pleased to announce the completion of a new subsidiary. The Company's new subsidiary is named MJ Acquisition Corp., registered in the State of Colorado. MJ Acquisition Corp. is now the entity for all the Company's marijuana related activities including mergers and acquisitions.
The Company also reports that the four outstanding items requested by the Company's CPA, to complete the audit, has been submitted.
On another note, the Company states that the principal of its judgment holder, will not be merging his private business into GDSM or its Colorado subsidiary, MJ Acquisition Corp. The Company asks that all shareholders respect his privacy as we wish him continued success.
Lastly, over the upcoming weeks, the Company will continue to lay out and execute on the facets of its business plan and will be moving forward with negotiations on other opportunities presented to the Company. After the launch of MJ-EXCHANGE, the Company will be hosting a conference call for the investment community. The Company will provide a comprehensive review of its business strategy, as well as, allow ample time for Q&A.
