Profile Solutions, Inc. agreed to acquire 80% stake in Ecoland K.K.L. LTD and Ecoland Group USA SF, INC. for approximately $18.3 million.
May 07, 2019
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Profile Solutions, Inc. (OTCPK:PSIQ) entered into letter of intent to acquire 80% stake in Ecoland K.K.L. LTD and Ecoland Group USA SF, INC. for approximately $18.3 million on April 27, 2019. Under the terms of the transaction, Profile Solutions will acquire 80% of the capital stock and assets of Ecoland K.K.L. LTD and Ecoland Group USA SF, INC.’s cannabis licenses, operations and real estate in Northern California (“Ecoland”) for approximately $18,300,000 worth of Profile Solutions shares of common stock (approximately 82 million shares). As of July 1, 2019, Profile Solutions announces an extension of the letter of intent to acquire 80% stake in Ecoland K.K.L. LTD and Ecoland Group USA SF, INC until August 15, 2019. The transaction includes all or part of indoor cultivation license, outdoor cultivation licenses, manufacturing license distribution license, retail delivery license and retail cannabis license as well as real estate, leases and IP rights. The preceding licenses have either been secured by Ecoland or in the process of being secured. Ecoland shall provide proof of $6 million cash invested in its operations prior to closing of the proposed acquisition. Profile Solutions is to invest $5 million as follows; $2.5 million at closing and $2.5 million within 6 months of closing. The agreement is nonbinding, subject to due-diligence, financing and execution of definitive and related agreements with an intended closing on or before 30 days unless mutually extended in writing by the parties.
Profile Solutions, Inc., through its subsidiary Elite Products International, Inc. is a distributor and manufacturer in the cannabinoid (CBD) industry. The Companyâs products contain CBD Hemp extracts in the form of edibles, creams, oils, and salves. Its product categories include gummies, such as Delta 8 Gummies, Delta 9 Gummies, Delta 10 Gummies, HHC Gummies, Sleep Gummies, Energy Gummies, Focus Gummies, Vegan Gummies, Zero THC Vegan Gummies, Sugar-Free Gummies, Wine Jelly, CBD Chocolates, Delta-8 Chocolates, CBD Honey, and CBD Tea & Coffee; oils, which include tinctures, such as THC-O Tinctures, Delta-8 Tinctures, Delta-9 Tinctures, and Delta-10 Tinctures; health and body products CBD Pain Relief Creams, CBD Capsules, and CBD Diet, and pet products, such as Pet Tinctures and Pet Treats.