On January 10, 2014, the Company entered into an Asset Purchase Agreement with Natural Gas Resources Corp (“Buyer”) for the purchase of certain assets operated by a wholly owned subsidiary of the Company, US Natural Gas Corp WV. The terms of the Agreement are being treated confidential. In exchange, the Company will transfer certain assets located in Wayne County, West Virginia. The transaction is scheduled to close on or before April 30, 2014.
On March 13, 2014, the Company formed The Greater Cannabis Company, LLC ("GCC") in the state of Florida. GCC will act as the Company’s operating subsidiary for its new operation in the medical and recreational marijuana market.
On March 16, 2014, the Company’s Board of Directors elected to change the name of the Company to better reflect the publicly traded entity’s role as a holding company with the wholly owned subsidiaries as the operating entities. The Board has retained an outside consultant for the name change. The Company intends to announce the new name on or before April 15, 2014.