LAS VEGAS, NV--(Marketwired - Apr 24, 2014) - Advanced Content Services, Inc. (OTC: ADCS), a Holding company focused in electronic payment services and solutions, is pleased to announce today that it now has a fully executed Letter of Intent ("LOI") with an established medical marijuana merchant services company.
The LOI is for a Joint Venture ("Greenstar") that will focus on services and solutions in the legalized cannabis markets. Advanced Content Services CEO Thomas Wolff states, "We have discovered a number of opportunities to profit from the state-legalization of marijuana while abiding federal laws and guidelines issued by the U.S. government. Our strategic partner with whom we've recently signed a Letter of Intent, has an active and growing client base of 100 accounts in Colorado dispensaries, with strategic plans to expand into other legalized markets through 2014."
Discussions toward the final Joint Venture Agreement have included offering the new partner restricted shares in ADCS in exchange for a number of the existing accounts toward immediate revenues for the Company. The legal U.S. industry is expected to reach $2.57 billion in sales this year, according to ArcView Market Research.
Earlier this year, The Treasury Department issued new rules that could make it easier for banks to do business with marijuana dispensers. The U.S. government's current administration said it would not challenge Colorado's and Washington's legalization of the drug, as long as they kept a tight rein on marijuana businesses. The administration agreed in August 2013 not to prosecute legal dealers as long as they met eight requirements, including not selling to minors. In separate guidance, the Justice Department directed U.S. attorneys not to pursue banks that do business with legal marijuana dispensers as long as the dealers adhere to the guidelines issued in August 2013.
One of the ways Greenstar also plans to profit from the existing accounts is by aggressive placement of cash and cashless ATM machines in dispensaries. This, in addition to servicing merchants with necessary services and equipment for safe and efficient transactions so long as the client dispensaries meet or exceed all measures outlaid by the current administration. The company aims to garner an additional 50 dispensary clients by end of year 2014, with frequent updates for shareholders as the business grows.
Advanced executives are thrilled with the prospects of the new venture in terms of near-term revenues and leveraged opportunities with subsidiary New Wave Prepaid Solutions' 'Cannabis Card', which is currently in development stages, "however," states Wolff, "The new venture will give us direct access to over one hundred dispensaries to market ancillary products and services, and we feel this will lead to exponential revenues for the company in 2014.
"That said," states Wolff, "we will err on the side of caution with regard to the current administration's guidelines for the protection of the company and its shareholders."
About Advanced Content Services, Inc. / New Wave Prepaid Solutions
Advanced Content Services is a Holding Company focused in electronic payment services and solutions. Its wholly owned subsidiary, New Wave Prepaid Solutions, is in development of flagship products, Cannabis Card™, aimed to reward consumers and serve businesses in the medical marijuana markets, and SchoolFuel™ a revolutionary fundraising platform for schools and universities built into a convenient, easy-to-use general-purpose reloadable debit card. The company strives to be a leading contender in the issuance of prepaid solutions and services that are both highly marketable and with socially conscious profitability.
For more information see www.advancedcontentinc.com
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.