IRVINE, CA--(Marketwired - Mar 1, 2017) - iBrands Corporation Inc. (OTC PINK: IBRC) Shareholder update:
iBrands Corporation Inc.'s CEO, Michael Ogburn, is pleased to announce that our 1,000 kilo CBD oil deal is going forward as planned. We received our deposit on February 27th and will collect the balance due upon shipment of the product by the middle of March. iBrands is also fielding several calls per day regarding future sale from 100 grams to orders in the "tons." "We have been building the Purest CBD brand for over a year and now it's really starting to pay off," states Ogburn.
Ogburn is also a Managing Partner of Lightwave Capital LLC. In the third quarter of 2016, Lightwave owned over 10B shares of iBrands stock. 5 billion of those shares were transferred to another member of management, leaving Lightwave with a little over 5B. Now Lightwave, under the direction of Ogburn, will be retiring 4.5 Billion of those shares or roughly 30% of the issued and outstanding. "5% of something huge, to me, is bigger than 70% of something small," Ogburn states.
Lightwave also owns $296,000 in convertible notes that are on the balance sheet. Lightwave will be forfeiting and cancelling those notes. "This is a show of good faith that we are more focused on the future of iBrands. These notes, if converted, would exceed $1,000,000 as of today. We are in this for the long haul and feel the stock is undervalued, and one way to start realizing that value is to have a clean balance sheet," stated Ogburn.
About iBrands Corporation, Inc.:
Headquartered in Irvine, California, iBrands Corporation, Inc. engages in the manufacturing and distribution of Ultra-Premium Vapor and CBD products that are made in the USA.
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