SOURCE: StereoVision Entertainment Inc.

StereoVision Entertainment Inc.

August 02, 2016 09:00 ET

StereoVision Forms GreenVision Systems LLC, an Equally Owned Puerto Rico Company, for the Acquisition of Licenses for the Legal Cultivation, Manufacturing, and Transportation of Cannabis Products in Puerto Rico

LAS VEGAS, NV--(Marketwired - Aug 2, 2016) - StereoVision Entertainment Inc., a Nevada publicly traded company (OTC PINK: SVSN), announced today the formation of the equally owned Puerto Rico company GreenVision Systems LLC. GreenVision's purpose is to acquire licensing for the legal cultivation, manufacturing, and transportation of Cannabis products in Puerto Rico.

Puerto Rico's Governor Alejandro Garcia Padilla has certified a mechanism of "emergency" to allow the immediate implementation of the new Medical Cannabis Program. "The emergency was decreed on July 8, 2016 and is being certified and done because, to the extent that there are no rules, access to medical treatment to patients who use Cannabis as part of their treatment is delayed," he said. The certification signed by Governor Padilla also highlights the usefulness of the program as a tool for economic development. "The new Medical Cannabis regulations encourage local investments, attracts foreign investments, and creates jobs in research, manufacturing and dispensing. It also boosts the agricultural sector, medical tourism, and is attracting a good amount of taxes," says the document.

"For 10 years we've been developing our presence in Puerto Rico," said StereoVision's CEO Jack Honour. "Because of our extensive network of contacts in Puerto Rico and the generous filmmakers' incentives, several of StereoVision's films were designed specifically to be produced there. As per Puerto Rico's rules relative to Cannabis licenses, with our 51% Puerto Rican resident partner and our 49% share, upon licensing approval we intend to maximize our potential by bringing in a seasoned operating partner with a history of success in the Cannabis industry. We will then look into acquiring further licensing. An additional value in Puerto Rico is banking coops are already in business allowing Cannabis businesses to have operating accounts and the ability to keep cash reserves on deposit. While management's number one priority is working to build shareholder value, with the amazing medical advances demonstrated with Cannabis, we are proud to be a part of bringing this medication to those many good people for whom only Cannabis can bring relief."

"StereoVision Entertainment Inc. (http://stereovision.com) headquartered in Las Vegas, Nevada, SVE is a publicly traded Nevada corporation focused on creating, acquiring, and producing multimedia content. SVE is generating a wide variety of Intellectual Properties and technologies for the many existing and emerging content distribution platforms.

Safe Harbor Statement: Except for historical information, this news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 as amended.

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