- CANNABIS CONSORTIUM
HAS ACQUIRED
INDULGE OILS IN A CASH AND STOCK
TRANSACTION.
- Cannabis
Consortium will immediately book
$800,000 in equipment
assets
-
Indulge Oils has over
$800,000 in
inventory
Coconut Creek, FL
-- May 17, 2018
-- InvestorsHub NewsWire -- Bahamas
Development Corporation
(OTCPINK:
BDCI) subsidiary company Global Consortium, Inc. DBA Cannabis Consortium has executed an Asset Purchase Agreement purchasing an
operating established Cannabis Distillate and brand in California.
Indulge
Oils www.indulgeoils.com has been acquired for $4 million dollars consisting of
$2 million in cash and $2 million in equity of Global Consortium.
Global Consortium
has wired $500,000 and issued a
Note for $1.5 million due and payable On July 1,
2018, and will issue 2 million shares
of its Common stock value at $1.00
per share.
Indulge
Oils was being courted by a Canadian firm to go
public and was given a valuation of $7 million dollars.
Due to our relationship with one of
the members of the group that sold Indulge Oils and
the fact that Indulge Oils has
been our cannabis partner since last year, Cannabis
Consortium was able to purchase Indulge
Oils at a multiple of 2.5 times assets.
Cannabis
Consortium will book total assets of approximately $1.6 million for
equipment and inventory.
Bahamas
Development Corporation, in compliance with SEC regulations, may in
the future use social
media outlets like Facebook or
Twitter and its own website to announce key information in
compliance with Reg FD.
Forward-Looking
Statements
This news release
contains "forward-looking statements" as that term is defined in
Section 27(a) of the United States Securities Act of 1933, as
amended and Section 21(e) of the Securities Exchange Act of 1934,
as amended. Statements in this press release which are not purely
historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things, estimates of services and equipment markets,
release of corporate apps, growth of platform, target markets,
product releases, product demand and, business
strategy. Actual results could differ from those
projected in any forward-looking statements due to numerous
factors. Such factors include, among others, the inherent
uncertainties associated with new projects and development stage
companies. These forward-looking statements are made as of the date
of this news release, and we assume no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that any beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance that any such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also consider that any investment in securities is at
risk.
Details of the Company's business,
finances, appointments and agreements can be found as part of the
Company's continuous public disclosure on otcmarkets.com.
For additional
information about this release please contact:
Investor
Relations:
Matt
Dwyer
matt@cannabisconsortium.net
www.cannabisconsortium.net
954-906-0098