CHICAGO, Aug. 13, 2014 (GLOBE NEWSWIRE) -- ID Global Corporation (IDGC) releases Corporate Update to Shareholders:
Fellow Shareholders,
As we move into the second half of 2014, I thought it would be a great opportunity to provide an update to our shareholders, partners and supporters about current activities and the execution of our long term strategic plans.
ID Global Corporation (IDGC) set out this year with a primary focus on reducing its debt and positioning the company to maximize profitability through debt and equity investments, controlling interests in established companies, as well as special situation start-ups.
In the first quarter we were able to settle more than $200,000 in convertible debt and acquire a 5% stake in Jack Rockwell, Inc. (JRI) with an option to acquire up to an additional 15% as we complete our due diligence process.
Here are some updates on the JRI opportunity:
- The company has a new website: www.jackrockwell.com
- The company retained an Intellectual Property (IP) attorney specializing in providing valuation of IP. Results of the valuation are North of $5 million US
- The company has shifted focus to its IP and a licensing model to be developed by IDGC.
- The company is currently pursuing several licensing opportunities with established coffee roasters, small coffee franchises and others.
In the second quarter we began to recognize an opportunity to seek entry into the medical marijuana industry. Through a multitude of contacts and being in the right place at the right time, we are now positioned to become a player in the US market as well as the Canadian market.
First, through an exclusive licensing agreement, IDGC has aligned, with a US based company that is building a brand of products to include, but are not limited to, coffee, CBD based energy drinks, CBD based chewing gum and other products. We are the exclusive distributor of the GREEN RUSH™ cannabis and CBD products.
Secondly, through a partially binding Letter of Intent (LOI), IDGC has positioned itself with an established, licensed grower in Vancouver, BC to exploit our suite of services in a parcel of land to increase cannabis production, as well as revamp their current business plan in an effort to capitalize on the new medical marijuana laws across Canada.
Here are some more updates on the medical marijuana opportunity:
- IDGC signed an exclusive worldwide licensing and distribution agreement with Corr Brands, Inc. (CBI) for its Green Rush™ Brand of products including, but not limited to, beverages and consumer edibles.
- The first product to be released in early fourth quarter of 2014 is GREEN RUSH™ Coffee, a ground coffee blend with hemp seed and plant based electrolytes.
- IDGC executed a Letter of Intent with established grower in Vancouver, BC and a $20,000 deposit to be provided by IDGC for a 5-acre parcel of land with plans to construct a 20,000 sq. ft. facility.
- IDGC shall have access to, and have an unrestricted right to use otherwise confidential information of this established Medical Marijuana grower in Vancouver BC, Canada, consisting of intellectual property rights, related to but not limited to the growing of marijuana in a highly efficacious manner, as illustrated in its current business plan and to be further developed by IDGC, coupled with the potential filing of an S-1 for this marijuana grower.
In closing, it has certainly been an eventful first half of the year and we have decided to focus our efforts on the two opportunities listed above.
Additionally, to truly take full advantage of these two opportunities, IDGC will need to raise additional capital. We do not intend to do a reverse split to accomplish this and will mitigate dilution by utilizing our contacts to afford the company the best possible terms through a sale of equity or a debt round.
This is a special time for IDGC and we want to thank all of our shareholders for their continued long term support. I feel the company finally has a laser focus with a competent team to execute our long-term vision for IDGlobal Corp.
Sincerely,
Sebastien C. DuFort
IDGlobal Corp. - CEO