M Line Holdings, Inc. signed letter of intent to acquire 60% stake in American Asset Holdings, Inc. for $0.5 million
October 07, 2018
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M Line Holdings, Inc. (OTCPK:MLHC) signed letter of intent to acquire 60% stake in American Asset Holdings, Inc. for $0.5 million on October 8, 2018. As part of consideration, M Line Holdings, Inc. will issue 1,000 convertible preference shares convertible to 50 million common shares based on current value of $0.01 per share. These preferred shares cannot be converted for one year. As on October 8, 2018, the transaction is expected to close within the next seven days.
M Line Holdings, Inc. is a holding company. The Company is focused on the beverage branding and distribution industry, the food and beverage distributing business, coal industry, the aerospace industry and business financing. Its subsidiaries include Best Choice Food and Beverage, LLC, a food and beverage distributing company; M Line Coal Development, Inc., which intends to acquire permits for the mining and distribution of coal out of mines located in Kentucky; M Line Transportation, Inc., which is formed to manage the transportation of mined coal to its distribution points; Precision Aerospace & Technologies, Inc., which manufactures precision metal component parts and assemblies; and M Line Machinery Funding, Inc., which provides advice and support in raising new capital, management support in relation to financial control and management of the business.
M LINE HOLDINGS, INC. 