Mt. Pleasant, UT -- (ReleaseWire) -- 12/15/2016 --Green PolkaDot Box Incorporated (OTCPK:GPDB or the "Company") announced today that it has entered into non-binding Letter of Intent (LOI) to sell all of its assets to Buying Collective Holdings Incorporated ("BCHI"), a Delaware corporation, in exchange for consideration in the form of a share issuance and assumption of certain liabilities.
The LOI represents the parties' mutual intentions to complete the necessary due diligence to negotiate a definitive agreement, anticipated to be completed and signed on or before December 30, 2016.
All though final terms have not yet been formalized, the LOI contemplates a purchase price of approximately $25,000,000 in value, which would be paid in the form of a common share issuance from BCHI to the Company. Upon completion of the transaction, Company would reissue the shares of common stock received from BCHI as a dividend to its shareholders on a proportional share ownership basis, which would represent the equivalent of approximately fifty cents ($0.50 per share) of the current issued and outstanding number of Company's common shares.
The Definitive Agreement is subject to a majority vote consent from the Company's shareholders at a meeting of Company shareholders set for Wednesday, December 28, 2016 at 10:00 AM at the Company's offices at 1450 South Blackhawk Avenue, Mt. Pleasant, Utah.
To date, no definitive agreement has been executed, nor does any guarantee exist that it will ever be.
About Green PolkaDot Box®
Green PolkaDot Box® is America's "first mover" online U.S. distributor of CLEAN foods—direct to consumer—through a disruptive Health Merchant™ network comprised of hundreds of market influencers that reach over 45 million consumers.
Visit https://gpdb.biz/ for Investor information.
To learn more about GPDB's Health Merchant program go to: www.greenpolkadotbox.com/healthmerchant
About Buying Collective Holdings Inc
Buying Collective Holdings Incorporated is a newly formed holding company that is focused on the development and financing of vertically integrated companies providing affordable access to Non-GMO contaminated foods.
Non-historical statements included in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the Company's future performance are subject to many factors including, but not limited to: working capital and availability of capital, implementation difficulties, impacts involving key vendors, lenders, competitors, and other risks. Such statements are based upon management's current beliefs and expectations subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release, the terms "anticipate", "believe", "estimate", "expect", "may", "should", "plan", "possible", "potential", "project", "will", and similar expressions identify forward-looking statements. There is no guarantee that the Company will enter into the agreements referenced herein, nor if we do, that successful implementation will transpire. The forward-looking statements contained herein are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information, or otherwise.
For additional information contact CEO Rod Smith at 801-478-2500, ext. 1000 or write to: email@example.com
Source: Uptick Newswire