Sipp Industries Secures $1M Financing Facility to Support
Growth
Submitted Letter of Intent to Acquire a Minority Stake in an
Oregon Dispensary
COSTA MESA, CA - October 27, 2014 - InvestorsHub NewsWire - Sipp
Industries, Inc. (OTC Markets:
SIPC), a conglomerate corporation that specializes in
technology, import export and distribution of commercial and
consumer products, is pleased to announce today that it has secured
a $1 million financing facility led by CDM Capital to support its
near term growth.
The facility is available immediately and can be drawn down on
an as needed basis to support organic growth or acquisitions.
This is an initial tranche and a line increase can be negotiated
after six months or earlier if it is for an accretive
acquisition.
As an effort to capture market share in the emerging cannabis
sector, the Company also presented a Letter of Intent to acquire a
stake in an Oregon dispensary.
The transaction will be structured such that the Company can
acquire a minority stake initially with an option to acquire a
majority or entire stake of the dispensary if mutually agreed by
both parties.
“We are pleased to secure the financing facility needed to
execute our growth plans”, stated Syman Vong, Chief Executive
Officer. “We are also excited to reach a preliminary
agreement to close on the acquisition of a minority stake of an
actively operating dispensary. This is part of an initiative
to establish our footprint in a state where approval for
recreational use of cannabis maybe forthcoming”, added Vong.
About Sipp Industries, Inc.
Sipp Industries is a conglomerate corporation that specializes
in technology, import export and distribution of commercial and
consumer products. Our goal is to capture market share in
both established and emerging markets. For more information,
please visit http://www.sippindustries.com.
Forward Looking Statements
This release contains forward-looking statements within the
meaning of Section 27a of the Securities Act of 1933, as amended
and section 21e of the Securities and Exchange Act of 1934, as
amended. Those statements include the intent, belief or current
expectations of the company and its management team.
Forward-looking statements are projections of events, revenues,
income, future economics, research, development, reformulation,
product performance or management's plans and objectives for future
operations. In some cases you can identify forward-looking
statements by the use of terminology such as "may", "should",
"anticipates", "believes", "expects", "intends", "forecasts",
"plans", "future", "strategy", or words of similar meaning.
Some or all of the events or results anticipated by these
forward-looking statements may not occur. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. Accomplishing the strategy described herein is
significantly dependent upon numerous factors, many that are not in
management's control. Sipp Industries, Inc. does not
undertake any duty nor does it intend to update the results of
these forward-looking statements.
Contact
Sipp Industries, Inc.
Investor Relations
949.220.0435
ir@sippindustries.com
www.sippindustries.com