Submitted Letter of Intent to Acquire a Minority Stake in an Oregon Dispensary
COSTA MESA, CA–(October 27, 2014) – 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 Office. “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 https://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.
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Sipp Industries, Inc.
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