LightTouch Vein & Laser, Inc. acquired One Love Garden Supply LLC from Micheal Leago and Ashley N. Hollo for $1.8 million.
May 19, 2015 at 12:00 am EDT
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LightTouch Vein & Laser, Inc. (OTCPK:LTVL) acquired One Love Garden Supply LLC from Micheal Leago and Ashley N. Hollo for $1.8 million on May 13, 2015. Under the terms of the agreement, One Love interest holders received 1.45 million shares of LightTouch Vein's common stock, $0.2 million in cash and a cash flow promissory note in the aggregate principal amount of $0.05 million issued by OneLove in favor of interest holders whereby each fiscal quarter, upon LightTouch Vein recording on its financial statements $0.04 million in US GAAP net income from sales of LightTouch Vein's products, LightTouch Vein shall pay to the members 33% of its net income generated above the net income threshold. Additionally, on the same date, LightTouch Vein entered into a two year employment agreement with Michael Leago, a former managing member of OneLove. Under the terms of the employment agreement, Leago shall serve as the Retail Grow Store Division Head. The managing members and members of OneLove have approved the deal. The director of LightTouch Vein has approved the deal. The transaction is subject to approvals from any governmental or regulatory body and LightTouch Vein shall complete a satisfactory review of financial statements of OneLove. Lucosky Brookman LLP acted as legal advisor for LightTouch Vein. David G. LeGrand of Black and LoBello acted as legal advisor for One Love Garden.
LightTouch Vein & Laser, Inc. (OTCPK:LTVL) completed the acquisition of One Love Garden Supply LLC from Micheal Leago and Ashley N. Hollo on May 13, 2015. On closing, OneLove's business was acquired by the LightTouch Vein and its management assumed control of the management of OneLove with the former managing members of OneLove resigning from OneLove.
Grow Solutions Holdings, Inc. is a shell company. The Company is focused on designing and manufacturing modular aeroponic vertical farming units (AeroPo) that are equipped with monitoring and automation to make growing aeroponically simple and predictable with human intervention. The Company plans to offer AeroPods as agricultural products for the farming sector. The AeroPod technological, through sensors and controller provide growing environment for food or cannabis. The Companyâs wholly owned subsidiary is Pure Roots Holding, Corp.