SOURCE: Clean Enviro Tech Corp.

June 09, 2014 08:15 ET

Clean Enviro Tech (OTCBB: CETC) Enters Into Letter of Intent to Acquire Red Apple Pharm Corp.

LAS VEGAS, NV--(Marketwired - Jun 9, 2014) - Clean Enviro Tech (OTCBB: CETC), (OTCQB: CETC), (BERLIN: A1KB22), (ISIN: US18452C1080), (SYMBOL: SO3A) ( executes Letter of Intent to acquire Red Apple Pharm Corp.

On May 30, 2014, Clean Enviro Tech Corp. entered into a letter of intent with Gordon F. Lee an officer, director and majority shareholder of Red Apple Pharm Corp. (RAPCO) to acquire all of the issued and outstanding common shares of RAPCO for 80,000,000 common shares of Clean Enviro Tech Corp., subject to shareholders approval and a due diligence period of 60 days with closing on or before July 30, 2014. Also Subject to shareholder approval, the company will file to increase the authorized to 110,000,000 shares on or before closing.

About Red Apple Pharm Corp.:
RAPCO currently operates an ISP for cannabis news, law changes, both state and federal and television productions through is a Cannabis education and news service that explores the merits of the Cannabis plant as a Medicine, Industrial Resource, Agricultural Crop and more. Executive Producer - Gordon Lee is a Beverly Hills entrepreneur who has long been involved with Cannabis Activism. 

Additionally, RAPCO provides support services relating to banking, debit cards, Casualty Insurance and licensing requirements of operating Colorado cannabis dispensaries. With the planned use of the reloadable, pre-paid patient debit cards and medical marijuana phone app removes the cash-on-hand security risk for dispensaries and customers while giving regulators a new level of system-wide transparency. The ability to track purchases and audit prescribed quantities of product sold on a per-person basis, all within a robust digital environment where patient records are secure, is extremely appealing to regulators. 

RAPCO provides a comprehensive set of solutions to the regulated cannabis industry.

The company does not grow, harvest, distribute or sell cannabis or any substances that violate United States Federal Law, or the Controlled Substances Act., nor does it ever intend to neither now nor in the future.

RAPCO does provide services in real estate, property leasing, Corp Banking and debit cards along with casualty insurance products and Cannabis business consulting, in the various jurisdictions where it has been determined legal.

RAPCO works exclusively with licensed and regulated clients.

Medical marijuana is now legal in 20 states and the District of Columbia with an additional 5 states that have decriminalized possession. Of those states, Washington and Colorado have legalized marijuana for recreational use. Colorado's first retail marijuana stores opened Jan. 1 for sale to people 21 years and older. States that have legalized use are: Alaska, Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Massachusetts, Michigan, Montana, Nevada, New Jersey New Mexico, Oregon, Rhode Island, Vermont and Washington; Washington D.C. legalized use in 2010. States that have decriminalized Marijuana possession in small amounts are: Ohio, North Carolina, New York and Maryland (Oct. 2014). Many other states are in various stages of the process that may lead to additions to the lists above.

In response to the rapid expansion of the many states acceptance of Medical Marijuana, the US Federal Government recently announced that no federal agency will intervene with any Medical Marijuana operations within the states that have legalized Marijuana for medical use. This is a departure from the past and suggests that the US Government will accept the desires of the individual states and their voters that approve such measures.

These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.

This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Clean Enviro Tech Corp. to be materially different from the statements made herein.

Clean Enviro Tech Corp. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). The company does not grow, sell and distribute hemp-based products but are involved with Federally Legal Distribution of Medical Marijuana-based products within certain domestic and international markets. Cannabidiol is a natural constituent of hemp oil.

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