RIVERSIDE, CA--(Marketwired - Jan 10, 2017) - Kleangas Energy Technologies, Inc. (OTC PINK: KGET), (name change pending to "CaliPharms, Inc.") is pleased to announce that it has received its first signed Acquisition Term Sheet from a Northern California Medical Marijuana Grower.
KGET has been in negotiations with the grower since early December. The Term Sheet outlines the price and general parameters of the purchase agreement. The acquisition target is a medical marijuana-cannabis grower that has been operating as a non-profit California Corporation since 2010. The acquisition target is currently an outdoor grower of medical marijuana and plans to expand its current operations under KGET's umbrella. Its current annual production is approximately 4500 pounds of flower and 4700 pounds of trim. The trim is sold and used for cannabidiol (CBD) products.
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KGET will be the sole owner of the operation once the acquisition is completed, and the acquisition will be operated as a wholly owned subsidiary to KGET. The consideration for the transaction is $3,400,000 USD.
The Term Sheet is an all stock acquisition which will afford KGET to put its investment dollars towards the expansion of the business. Upon raising capital for growth, the goal will be to develop five new properties.
Currently, KGET has no plans for a reverse split. Management believes it is best for the current shareholders to keep the current capital structure in place. The main reason to request a reverse split would be if the company were applying to a higher tier stock exchange and that exchange had a minimum price the company needed to attain. In that case, a reverse split would be a major benefit to all the shareholders.
KGET has made several press releases on the OTC Markets portal (https://www.otcmarkets.com/stock/KGET/news) and will continue to make additional news releases on this portal. Please sign up and receive KGET news feeds from the www.otcmarkets.com site. These news releases will be disseminated to OTC Markets Group Inc.'s RSS subscribers.
About Kleangas Energy Technologies, Inc. (KGET)
Kleangas Energy Technologies, Inc. is a developmental stage acquisition company with a name change pending to "CaliPharms, Inc." The Company foresees acquiring, merging, and joint venturing with legally permitted fully operational marijuana-cannabis businesses. The Company currently is seeking acquisitions in medical marijuana-cannabis cultivation. The second tier of development for the company is to expand into other sectors that support the legalized marijuana industry. The company will expand its operations as the laws for each individual State change and allow. Initially the Company will focus on medical grade marijuana-cannabis within the State of California.
Safe Harbor Statement:
Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Kleangas or KGET or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Investment into a microcap company is a high risk investment and it should only be considered if you are able to afford a total loss of the investment. Laws and Regulations of Marijuana are currently in direct contradiction between California and Federal Law and these factors should be a part of your consideration when making an investment into KGET.