MediSwipe Inc. Announces $1.1 Million Dollar Capital Infusion From Private Equity Firm to Expand Medical Cannabis Operations ...
January 27 2014 - 8:30AM
Marketwired
LOS ANGELES,
CA-(Marketwired - January 27, 2014) - MediSwipe
Inc. (www.MediSwipe.com) (MWIP) (OTCQB: MWIP), the leader in
Compassionate Care Technology Solutions and products for the
medicinal marijuana industry, today announced that the company has
agreed to terms for capital investment from a Chicago based private
equity firm to receive approximately $1,100,000 over the next six
months. The Company plans to use the cash proceeds to expand its
presence and product lines within new marijuana recreational
markets including Colorado and Washington State. Presently, the
Company exclusively sells hemp based beverages, owns the Mont
Blunt™ vaporizer and e-cig product brands and provides solutions to
financial transactions for the medicinal industry.
"We have successfully paid off approximately $500,000 of our
previous debt from last year, and are extremely pleased that our
same institutional funding partners have offered MediSwipe over a
million dollars to fund expansion and roll out our medicinal
product lines in legal jurisdictions. We believe our new Mont
Blunt™ vaporizers, new financial regulation clearing monetary
transactions and royalties from infused beverage and edibles
licenses will prove to have enormous upside and growth potential.
We are extremely pleased to finally have the capital on our balance
sheet to execute our business model in an aggressive manner without
any immediate dilution to our shareholder base," stated B. Michael
Friedman, CEO of MediSwipe.
The State of Colorado is expecting $578 million in revenue from
recreational use of marijuana and $67 million in taxable income and
isn't the only state that is experimenting with looser drug laws.
After decades of failed drug policy, and with nationwide support
for legalization rising to 58% in one recent poll, 20 U.S. states,
plus the District of Columbia, now allow medical marijuana sales.
Some municipalities have decriminalized possession. Later this
year, Washington State is preparing to roll out its own retail
cannabis operations. In New York, Governor Andrew Cuomo recently
reportedly an executive order to allow limited use of medical
marijuana in the Empire State. Measures to legalize pot sales will
be on the ballot in several more states in 2014 and 2016, including
possibly California.
"As one of the first and only fully reporting companies in this
sector, we will continue to be fully transparent to our investors,
shareholders and institutional partners as we move into 2014 with
cash on our balance sheet, dedicated management and extreme focus
on building shareholder value throughout the year," further added
Friedman.
About MediSwipe Inc.MediSwipe Inc. (www.MediSwipe.com) provides
innovative patient solutions and is the leader in Compassionate
Care Technology for the medicinal marijuana industry. MediSwipe
provides terminal-based service packages and integrated Web Portal
add-ons for physicians, clinics, hospitals and medical dispensaries
that include: digital patient records, Electronic Referrals,
Credit/Debit Card merchant services, and health and wellness
product lines including beverages, vaporizers and accessories.
FORWARD-LOOKING DISCLAIMERThis press release may contain certain
forward-looking statements and information, as defined within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, and is subject to the
Safe Harbor created by those sections. This material contains
statements about expected future events and/or financial results
that are forward-looking in nature and subject to risks and
uncertainties. Such forward-looking statements by definition
involve risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of MediSwipe Inc. to be
materially different from the statements made herein.
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