LAS VEGAS, NV--(Marketwired - Sep 26, 2016) - Player's Network, Inc. (OTC PINK: PNTV), a vertically integrated, diversified, fully reporting public company operating two complementary portfolios of Media and Medical Marijuana, announced today a shareholder letter from CEO Mark Bradley.
Over the last several months Player's Network, through its wholly owned subsidiaries and divisions, has made substantial progress by hitting major milestones in both media and marijuana. We have secured the initial financing for our projects in both industries as well.
Third Quarter Highlights
- GLFH secures $2.5 Million in funding
- Started phase one built out for Marijuana cultivation
- PNTV paid down the majority of outstanding debt
- Comcast lawsuit update
- Fourth Quarter Outlook
Green Leaf Farms Holdings (GLFH) is our marijuana subsidiary, which holds a special use permit for production and cultivation license(s) granted by the city of North Las Vegas as well as the state of Nevada. GLFH has secured a $2.5 million dollar funding commitment from RxMM Health, a holding company investing in marijuana and medical related companies. The commitment came with an initial payment of $200,000 with the balance available paid out over the next 6 months as well as a line of credit the company can draw down as it requires additional capital. All details on the transaction are available in the company's 8k filing. This is not just a financing deal; it is a true strategic partner that will create many other benefits to be announced after the first of the year.
This financing has enabled GLFH to begin the phase one construction plan for our 26,000 sq. foot building that is scheduled to be completed in the second week of November 2016. The initial phased out plan will be a series of growing modules that will occupy a 7,000 square feet section of our building for the cultivation of a variety of flowers and an area designated for the production of oils and resins. GLFH is positioned to realize revenues by January 2017 initially through the sales of concentrated oils and waxes.
The company is also pleased to announce that it has recently paid off over $260,000 in convertible debt, including a $90,000 note to Tangiers Investment Group, $119,000 to Collier Investment Group, settled a legal dispute with KBM and has entered into a payment plan to retire it final note below the original obligation. There is approximately only $200,000 debt remaining out of almost $3 million that was accrued and paid off over the last 4 years and used to position the company with all the opportunities we have today. The company has an agreement in place to pay off the majority of the debt rather than letting it convert to stock.
In January 2014, PNTV filed a $150 million dollar lawsuit complaint against Comcast Communication for breach of agreement. Earlier this year the discover process was completed and Comcast filed a motion for Summary Judgment. This tacit is an attempt to prevent the case from being heard in a Nevada federal courtroom, prior to the motion Comcast has failed twice with similar motions trying to have the case dismissed. This is the last such motion allowed and we are currently waiting for the federal judge assigned to our case to make a decision regarding the motion. In early August 2016, a mandatory court ordered settlement conference was held to try and resolve the claim. Both parties met and Comcast's legal team demonstrated they had no intentions of settling at this time we assumed that one reason is because no decision has been made on the summary judgment. I am hopeful a decision is made by the end of the year in our favor and a trial date can finally be set which will lead to a negotiated settlement or trial; either one is fine with me because I know we have a strong case.
This November election there is a ballot initiative to legalize recreational use of marijuana in Nevada, which is known as Question 2. The goal of this initiative is to regulate marijuana like alcohol in Nevada. Early polling indicates there is a good chance of this passing and GLFH is assisting with the supporters of the initiative. If Question 2 passes, GLFH will be one of a small group companies that hold licenses to be able to participate in the market. With 52 million visitors that come to Nevada each year, the state is estimated to become the largest recreational market for marijuana in the world!
Our Weed TV platform is nearly completed and being tested internally. We anticipate a beta launch soon as we will raise the necessary funds to properly and effectively deliver it to the market. It has taken a long time to build. But what we have is truly an amazing piece of proprietary technology that will be the engine behind our Marijuana marketing plan for GLFH. We plan to go live with the new network as soon as we have our new management team and marketing plan that is currently being developed.
We appreciate all the support from our shareholders while we have been working hard to develop a business that generates revenues and is cash flow positive. We are currently seeking additional investment capital to further develop our business and fast track our company.
It has been hard work, however, the company is now well positioned for growth, we have little debt, great financial partners, preparing to open our facilities in Las Vegas, and getting close to a resolution on Comcast. This is very exciting for me to see everything come together nearly at the same time. Please expect more regular updates from the Board of Directors and myself.
CEO Players Network
About Player's Network:
Player's Network is a diversified company with holdings in both Media and Medical Marijuana. The Company uses its proprietary Enterprise Web Platform to develop Branded Digital Lifestyle Television Networks for itself and its partners in a wide range of lifestyle categories. Player's Network's current original channels, "Player's Network," "Vegas on Demand," "Real Vegas TV," focus on the Las Vegas and Gaming Lifestyles. These channels are distributed over PNTV's owned and operated VOD Channels over its Broadband Network and Mobile Platforms. The Medical Marijuana assets are primarily through the Company's 86% ownership in Greenleaf Farms Holdings, and PNTV's newest channel, WeedTV.com, which focuses on the rapidly expanding cannabis community. For more information please visit www.playersnetwork.com.
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this Release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to: the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for or install its products, the ability to obtain new customers and the ability to continue to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.