LAKE ELSINORE, CA--(Marketwired - Mar 11, 2014) - IDS Industries, Inc. (OTCQB: IDST) announced today that its wholly-owned subsidiary, Propel Management Group, Inc (PMG) has entered an agreement to acquire MiCannaLabs.com, a privately-held commercial company providing various lab services to the cannabis and hemp industries. MiCannaLabs.com's customer base ranges from government agencies to non-profits, businesses as well as individuals, growers, dispensaries, collectives, patients and others that may desire their services. MiCannaLabs.com has coined the expression "Know What You Grow." The deal merges the Company's existing relationships with those of the Michigan-based 3 year old business that has been dedicated to providing services to an industry that is becoming more commercial, accepted and mature.
The deal is scheduled to be finalized within sixty (60) days and retains the services of the company's current management and staff to operate and expand the business. PMG will provide world-class contract and management expertise while providing multi-channel marketing to expand the client base's breadth and depth.
Scott Plantinga, President of PMG said, "The acquisition of MiCannaLabs.com is a small yet strategic step to enter a market space with hyper growth. This deal provides our shareholders a huge potential for added value from the tremendous synergies between the Company's relationships and knowledge garnered from its businesses along with that of MiCannaLabs.com." Mr. Plantinga added, "Given the growing support of medical marijuana and 13 more states considering various types of legislation to legitimize the use of marijuana this year, we believe now is the time to begin to enter this marketplace more formally."
The Company believes this market sector represents a significant opportunity for growth and revenue expansion and stated it will continue to seek other market opportunities that will drive long term revenue and build value for its shareholders.
About IDS Industries, Inc.
IDS Industries, Inc., a diversified holding company, is focused on creating superior long-term returns for shareholders through a unique structure of diversified public and non-public holdings. Today, IDS is made up of two principal subsidiaries:
Charge! Energy Storage is a designer and developer of GIIRS-rated energy storage devices for residential, commercial, and light industrial markets and products that deliver clean stationary and portable electrical energy. The Company's residential & commercial products are large scale products that have characteristics applicable to their usage. Charge! has made a broad reaching commitment to create reliable and affordable hi-tech energy storage systems for all commercial and residential applications. The Company's proprietary integrated Battery Management and Charge Controller System (BMCCS) optimizes advanced lithium chemistry functions improving battery performance and extending battery life.
Propel Management Group (PMG) provides a full range of program management, acquisition, and lifecycle support services to its customers. PMG is at the forefront of integrating acquisition, logistics, engineering, and technology disciplines into a comprehensive lifecycle management approach. PMG continually strives to improve the process of developing, procuring, and sustaining its customers' systems to achieve their overreaching goals of transformation, consolidation, and efficiency. Its Direct-to-Consumer business delivers comprehensive call center and online marketing solutions to brands seeking maximum reach and return on investment (ROI).
Forward-looking & Safe Harbor Statement
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 those statements 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. The Company cautions that these forward-looking statements are further qualified by other factors. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.