CannaSys, Inc. Announces Termination of Intent to Acquire
Alliance Financial Network, Inc.
CannaSys to Accelerate its Focus on Distribution and Marketing
of Citizen Toke
DENVER, May 9, 2017 -- InvestorsHub NewsWire-- CannaSys,
Inc. (OTC QB:
MJTK) (CannaSys or the Company), a marketing, branding, and
technology company, today announced that the letter of intent to
acquire Alliance Financial Network, Inc. (AFN) has been terminated.
Following several months of due diligence and negotiations,
CannaSys management determined the transaction would not be
favorable to its shareholders.
On March 29, 2017 CannaSys announced that it had signed a
non-binding letter of intent to acquire AFN, a Colorado-based
Fintech company that provides a unique, proprietary digital
transaction and mobile payment solution. Following several months
of due diligence and the negotiation of definitive terms, the
parties were unable to agree on several fundamental terms. In
February 2017, in anticipation of our acquisition of AFN and long
term business relationship, we purchased 2,500,000 shares of AFN
common stock for $25,000. We are seeking to rescind that
transaction or failing that to assert all of our rights and
remedies as a minority shareholder of AFN.
Competition for financial solutions serving the cannabis
industry is increasing every day and the cost of competing is
becoming prohibitive, noted Michael Tew, CannaSys CEO. Going
forward, we plan to accelerate our rollout of Citizen Toke, a
product that has proven demand, a motivated development and
marketing team, and tremendous scalability. We will provide timely
updates to shareholders on this plan in the coming days.
About CannaSys, Inc.
CannaSys is a technology solutions, marketing, and branding
company. Its core products are delivered software as a service to
facilitate point-of-purchase transactions and customer relationship
marketing solutions. CannaSys plans to develop, acquire, and build
strategic relationships with other businesses in order to bring
additional solutions to market. For more information, please visit
www.cannasys.com.
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements. Investors are
cautioned that such forward-looking statements involve risks and
uncertainties, including continued acceptance of CannaSyss
products, increased levels of competition for CannaSys, new
products and technological changes, CannaSyss dependence on
third-party suppliers, and other risks detailed from time to time
in CannaSyss periodic reports filed with the U.S. Securities and
Exchange Commission.
CannaSys, Inc.
Michael A. Tew