SANTA CLARITA, CA--(Marketwired - Mar 10, 2014) - USEI Cannabis Initiatives Corp, a wholly owned subsidiary of U.S. Energy Initiatives Corporation, Inc. (OTC Pink: USEI) USEI is pleased today to announced that Management and the Company is finalizing an agreement to acquire the controlling interest of a reporting publicly traded company called Hotcloud Mobile, Inc, who's trading symbol is HOTM-OTC. The purpose of the acquisition is to integrate this company into USEI's cannabis strategies.
According to Anthony Miller, CEO, "We believe that this is a significant acquisition for Management and USEI. Hotcloud Mobile's management is seeking retire their public status and remain solely as a private company. Our goal is to bring this firm to a current status (audit the financials and list on the OTCQB), change the name and symbol and merge new business into the company. Management has already spoken to regulatory agencies, legal and auditors and has assurances that the firm can be brought to QB status very fast. Over the course of the last few weeks we have been diligent at finding new business to integrate into our cannabis strategies. Some of this new business will come under USEI Cannabis, Inc and some of this new business will come under the banner of this newly acquired firm. The final payment and closing of this acquisition will occur over the course of the next week or immediately following receipt of Hotcloud's deliverable items to close the transaction."
"This is not our only acquisition strategy planned; we have others planned, as well as, strategic alliances with other Colorado based firms. We will continue to methodically grow our firms with the mindset of long term growth. Our initial cannabis focus is in Colorado where Colorado Gov. John Hickenlooper has projected that Cannabis products sales, in the state, will reach 1 billion dollars in the next fiscal year," further quoted Miller.
Note: According to a report obtained by The Huffington Post: Legal marijuana is among the fastest-growing markets in the United States, and it's growing at a rate poised to outpace the expansion of the global Smartphone market. In 2013 Researchers surveyed hundreds of medical cannabis retailers, processors, dispensary owners and industry leaders over the course of a six month period, and estimated that more than $1.43 billion worth of legal marijuana was to be sold. The report also predicts that figure to grow by 64 percent, to $2.34 billion the end of 2014. By comparison, recent figures show the Smartphone market expanded by 46 percent from 2012 to 2013. Thus: "Cannabis is one of the fastest-growing industries," said Steve Berg, a former managing director of Wells Fargo Bank and editor of the report, the second edition of the State of Legal Marijuana Markets. "Domestically, we weren't able to find any market that is growing as quickly."
"We will continue to focus on these lucrative Hemp and Medical Marijuana marketplaces and develop partnerships and market products and services that will diversify and advance our operations. More information regarding our strategies will be forthcoming in the coming weeks and basic information regarding our present cannabis subsidiary can be found on the company's website @ www.useicannabis.com/web/," commented Miller.
About U.S. Energy Initiatives: U.S. Energy Initiatives Corporation is a diverse (OTC Pink: USEI) energy firm. This firm started in 1996 and has had a long successful business history of developing its business strategies. Management's new goal is to develop its old and new technologies and to build a dynamic and diverse firm. From 2014-2015 U.S. Energy Initiatives will center on Energy, Medical Marijuana and Hemp for developing products and services. Our goal here is to become an environmentally responsible firm, marketing our products to a worldwide audience to produce significant revenue and add value for our shareholders.
DISCLOSURES: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release may contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in the Company's filings with OTCMarkets.com and as required to the Securities and Exchange Commission. These risks could cause USEI's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company.