- Action significantly improves balance sheet
PLACERVILLE, CA, May 21, 2015 /PRNewswire/ - iMD Companies, Inc.
(OTC:ICBU) has completed the sale of two of its three operating
divisions, OMI and PCI Heartscan, to an investor group for
$ 548,000.
"The disposition of these operations is in line with the company
business plan, which calls for iMD management to be aggressive in
its search for acquisitions and joint ventures in the Hydroponics
Industry. After careful and deliberate negotiations, the companies
reached an agreement to sell these assets to an investor group led
by the former owners of these assets for the cancellation of
$ 548,000 in debt. This debt
reduction reduces the overall debt of iMD Companies by
approximately 50% and positions iMD for rapid future growth and
greater shareholder value", stated Larry
Robertson, President of iMD Companies.
Due to the sale of OMI and PCI Heartscan and for the reduction
of debt in iMD companies, the Board of Directors of the
subsidiaries OMI and PCI Heartscan have decided not to award a
private dividend of OMI stock to the shareholders of iMD
Companies. This cancelled the previous dividend announcement
from December 2014. The reduction in debt is a great benefit
to iMD and increases the book value of the company.
In March, iMD announced the opening of our online store,
www.imdmeds.com, where individuals are able to purchase high
quality Cannabidiol (CBD) Hemp Oil products. Currently there
are 16 CBD products that can be purchased through the store. Our
CBD Hemp oils contain the highest quality CBD oil in the industry
as the oils are 100% natural and originate from expertly cultured
Hemp plants.
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 itself to become a holding company for
acquisitions in the Hydroponics related industries. Prior
acquisitions in these areas include a majority stake in R-Quest
Hydroponics Inc. from Anything Technologies Media (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
additional business alliances that will generate increased revenues
and earnings. www.imdcompanies.com
About R-Quest Hydroponics, Inc.
R-Quest Hydroponics,
Inc. is a Hardware and Software Manufacturing Company headquartered
in Placerville, California.
R-Quest Hydroponics, Inc. has developed the new Environmental
Master Controller EMC-5000 system, which is able to provide
constant management for grow room facilities for indoor gardens.
The EMC-5000 was developed so that growers can rest easy with the
confidence that their crop is in excellent hands. The EMC-5000 is
able to regulate and control all aspects of an indoor grow system,
including Light cycles to optimize growth, Fans, Nutrient pumps,
and CO2 level controls to help manage grow rooms. To see more
information on the EMC-5000 go to www.r-questhydro.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.