Medican Enterprises Signs Binding Letter Of Intent To Acquire Indoor Growing And Hydroponic Equipment Manufacturer Future Harvest Development
LAS VEGAS--(BUSINESS WIRE)--Medican Enterprises Inc. (OTCBB:MDCN), a bio-pharmaceutical company in the emerging global marijuana industry, is pleased to announce that, in line with its mandate to acquire revenue generating assets, its wholly owned subsidiary Medican Systems has entered into a binding letter of intent to acquire Future Harvest Development Ltd., a leading Canadian manufacturing company in the home and garden, indoor growing, and hydroponic sectors.
Under the terms of the letter of intent, Medican Systems will acquire a 70% interest in Future Harvest (with an option to acquire the remaining 30%) for approximately $5 million in a combination of cash and Medican Enterprises common stock in a transaction involving Prestige Worldwide Holdings Inc., an entity which currently holds an option to acquire Future Harvest. The acquisition is subject to the preparation and execution of definitive documentation and an audit of Future Harvest.
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Under the terms of the letter of intent, Medican Systems will acquire a 70% interest in Future Harvest (with an option to acquire the remaining 30%) for approximately $5 million in a combination of cash and Medican Enterprises common stock in a transaction involving Prestige Worldwide Holdings Inc., an entity which currently holds an option to acquire Future Harvest. The acquisition is subject to the preparation and execution of definitive documentation and an audit of Future Harvest.
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