PLACERVILLE, CA, Dec. 17, 2014 /PRNewswire/ - iMD Companies, Inc.
(OTC:ICBU) is extremely excited to announce that it has acquired
Freedom Seed and Feed, LLC of Lexington,
KY., the first federally permitted hemp seed and fiber farm
in the United States.
In accordance with the terms of the agreement, iMD has made the
first $50,000 cash payment to Freedom
Seed and Feed (FSF). The purchase agreement also includes the
subsidiary companies Freedom Seed & Feed, Healing Ground Farms,
and Freedom Hemp. iMD will also make additional cash and securities
payments for a total purchase price of $1.9
million for the acquisition.
Last February, Sen. Mitch
McConnell and Sen. Rand Paul
successfully sponsored a provision in the farm bill, passed by
Congress, which repealed the long-term ban on growing hemp. Hemp
crops are poised to be a significant catalyst to the agriculture
industry in the State of Kentucky
with the climate and the soil composition in the Blue Grass state
being very conducive to growing hemp crops. Sen. Paul stated, in an
opinion article on Feb. 6 in the
Lexington Herald-Leader, that 94% of the nation's hemp crops were
grown in Kentucky prior to the ban
in 1970.
"This acquisition is so key for us as we were not only able to
obtain a one-of-a-kind company but it also gives iMD a source that
is capable of leasing land, purchasing seed, clones and the
equipment needed to grow industrial hemp," said Larry Robertson, president of iMD Companies,
Inc. "The bold vision that iMD management has in common with FSF's
David Hadland and Michael Lewis will help expedite our entrance
into the industrial hemp market."
This acquisition is in line with the company business plan,
which calls for iMD management to be aggressive in its search for
acquisitions that will strengthen the iMD family of companies.
Freedom Seed and Feed fits the description perfectly as it has a
solid revenue stream, modest expenses in addition to providing
products and services required by iMD.
About Freedom Seed and Feed:
David Hadland – Mr.
Hadland is the former president of the Kentucky Hemp Growers
Cooperative Association and an appointed member by the state of
Kentucky to the Kentucky
Industrial Hemp Commission. David, a leader in the effort for the
last 5 years to legalize hemp, worked with the Kentucky AG Dept.,
Senate, House and U.S Senate & House to draft Senate Bill 50
and push for the amendment to the U.S Farm Bill. Senate Bill 50 was
passed and David has been a part of the Hemp Pilot Program since
its inception. David has offered to assist the institute in
negotiating all R&D public/private relationships offering
clients a real-time, early adopter context for identifying
investment opportunities within the Industrial Hemp sector.
Michael Lewis – As
the director of Growing Warriors, Mr. Lewis is a Kentucky Proud
farmer and a Veteran of the 3rd US Infantry, The Old Guard. In 2012
he founded America's first Veteran Oriented food security
organization, The Growing Warriors Project, to Equip, Assist, and
train our nation's military Veterans in production agriculture for
themselves, their families, and the nation. He served as a member
of the Kentucky Industrial Hemp commission and operates Americas
first federally permitted Industrial Hemp farm since 1934 with the
help of his fellow Veterans.
About iMD Companies, Inc.
iMD Companies, Inc., (OTC MARKETS: ICBU) is
a Florida corporation, engaged in the manufacturing,
marketing, and distribution of equipment for the hydroponics
industry. The company has recently re-positioned to be a
holding company for acquisitions in the Hydroponics industry.
Recent acquisitions in those areas are R-Quest Hydroponics Inc.
from Anything Technologies Media (OTC:EXMT) and Lumz'n Blooms,
Ltd., a Manufacturer of Indoor Gardening and Hydroponics Equipment.
The company and the principals of the management team
have extensive backgrounds in finance, manufacturing, marketing and
distribution. iMD's goal is to create and increase
shareholder value by tactically growing our core Hydroponics
business while strategically seeking to acquire new
businesses and create other business alliances, which generate
increased revenues and earnings. www.imdcompanies.com
Safe Harbor Statement
Certain statements made in this press release constitute
forward-looking statements that are based on management's
expectations, estimates, projections and assumptions. Words such as
"expects," "anticipates," "plans," "believes," "scheduled,"
"estimates" and variations of these words and similar expressions
are intended to identify forward-looking statements.
Forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
as amended. These statements are not guarantees of future
performance and involve certain risks and uncertainties, which are
difficult to predict. Therefore, actual future results and trends
may differ materially from what is forecast in forward-looking
statements due to a variety of factors. All forward-looking
statements speak only as of the date of this press release and the
company does not undertake any obligation to update or publicly
release any revisions to forward-looking statements to reflect
events, circumstances or changes in expectations after the date of
this press release.
SOURCE IMD Companies, Inc.