LOS ANGELES, CA--(Marketwired - March 18, 2014) - MediSwipe, Inc. (www.MediSwipe.com) (OTCQB: MWIP), the leader in Compassionate Care Technology Solutions and products for the medicinal marijuana industry, today announced that the Company has completed the purchase and proposed lease back of 80 acres zoned for agricultural use in Pueblo County, Colorado. The Company executed a Letter of Intent And Joint Venture Agreement on Friday, March 14, 2014 and completed the purchase of the 80 acre parcel shortly after the close of markets Monday.
As part of the purchase and Joint Venture Agreement, MediSwipe will hold deed and title to the property within its wholly owned subsidiary, Agritech Venture Holdings Inc., and will maintain the exclusive Master Lessor rights for ninety-nine years. The exclusive agreement will enable the Company to sublease individual parcels of the 80 acre parcel to fully-licensed and compliant growers and dispensaries within the regulated medicinal and recreational market on behalf of the entire state of Colorado. MediSwipe will receive rents and management fees on providing infrastructure, water, electricity, equipment leasing and security services. The 80 acre green house and managed facility once complete, will be the largest managed facility of its kind within the state. The Company is presently working on its first agreements for tenants to move into the facility as early as May of 2014.
"As a pioneer and innovator for over four years in this industry, we have come to realize that by owning real estate and subleasing properties to fully licensed and compliant entities, we can truly own meaningful, long term assets within this sector which we believe will have substantial upside for our investors over the long term. Upon completion, I believe our facility in Colorado presently the largest of its kind, will be the model for a state of the art cultivation facility that we will seek to provide in multiple states. We have chosen Colorado as a model as it presents the most viable opportunity for us with both the medicinal and recreational markets in full swing. At the other end of the spectrum, we can provide a full array of wellness products and patient services to the retail side and as a single Company have now created a barrier of entry to this marketplace that cannot be easily duplicated," stated B. Michael Friedman, CEO of MediSwipe.
About MediSwipe, Inc.
MediSwipe, Inc. (www.MediSwipe.com) provides innovative patient solutions and is the leader in Compassionate Care Technology for the medicinal marijuana industry. MediSwipe provides terminal-based service packages and integrated Web Portal add-ons for physicians, clinics, hospitals and medical dispensaries that include: digital patient records, Electronic Referrals, Credit/Debit Card merchant services, and health and wellness product lines including beverages, vaporizers and accessories. MediSwipe does not directly grow, harvest, or distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.
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 MediSwipe, Inc. to be materially different from the statements made herein.