Shareholder Letter
Dear Fellow Stakeholders,
As with any emerging company on the brink of a powerful national presence, opportunities for leadership and challenge will arise to test our mettle. How we deal with these opportunities and challenges will establish our leadership, transparency and trust within this new industry.
I am confident that with our outstanding executive team, growth strategy and your support, we will emerge as a market leader, providing technology for the medical benefits of cannabis to our target communities and proudly contributing to job growth.
To accomplish our growth objectives we will leverage our leadership, execute our strategy and continue to develop our reputation, which are all critical to our success.
As we move forward, be assured there will be times when our principles are challenged. It is important at these times to provide response to sort myth from truth and continue our development; this is one of those times.
Recently, I have become aware of a specific challenge, which has developed into a question regarding INCC’s leadership experience and two isolated business dealings within my background, which I consider important enough to warrant a personal letter.
My intent for this communication is, first, to provide disclosure and, second, to share the expert backgrounds and areas of focus for the INCC leadership team and provide an timeline of accomplishments of our progress toward achieving our goals—to assure you of our level of skill and commitment to building INCC.
First, to address questions regarding my background, and for the sake of transparency, I provide the following:
Challenges: details and resolution
After more than 26 years of experience assisting many organizations with capital acquisition and business growth within the finance and real estate industries, I personally experienced two very challenging professional events, resulting in my filing for bankruptcy in September 2013, which was also discharged in December of the same year. Here are the primary details of the two isolated incidents, which, while a challenge for me at the time, will have NO impact on INCC!
1-2-1 Direct Response
In 2009, I purchased 1-2-1 Direct Response, a telemarketing company located in Pennsylvania serving a tri-state area and employing more than 750 full-time staff. In 2010, we discovered $900,000 of unsatisfied payroll taxes. I addressed this situation by removing the senior executive and, taking the helm of the toxic subsidiary. The IRS imputed me personally with $1.3M of civil penalties. In 2010, 1-2- 1 Direct Response was sold to a buyer who I believed would grow the company beyond its current position and maintain current staff levels.
Hawkeye Commercial Property
In 2003, two investors and I purchased commercial property in Florida, to develop commercial condominiums. In 2007,after a successful phase1 launch, the real estate market crashed severely impacting our property value and ability to maintain the asset value required by the lender, ultimately resulting in foreclosure. Discontent among our investment group grew, resulting in a lawsuit. Not wanting to go through a lengthy and costly legal battle, I settled for $1.5M, with no admission of guilt or wrongdoing.
With the above addressed, I would like to take this opportunity to move us forward by sharing a brief introduction to your INCC executive team and their areas of responsibility and our collective accomplishments.
As of today, INCC’s executive team is securing additional capital, performing due diligence for additional acquisition targets and creating opportunities for our innovative technologies and distribution channels.
Executive Team
Steven Jablo, Chief Operating Officer
Steven Jablo has more than 36 years of experience as an executive and consultant. He is an expert in the areas of operational management and talent acquisition. His industry experience includes managing partner positions with Differential Partners and Boyden, both executive recruiting firms serving fortune 500 companies. Jablo is responsible for operational management and strategic leadership, working with industry and market leaders and securing top talent for INCC. Jablo will also be our senior executive responsible for creating our training and certification program for cannabis industry professionals. Jablo holds a Bachelor of Arts in Political Science and Government from the University of Wisconsin.
Dr. Avi Yoskowitz, Chief Real Estate Officer/ Director
Avi Yoskowitz has more than 20 years of experience as the CEO of the Heritage Group of New Jersey and TT Heritage Companies of Florida. He has successfully completed numerous land acquisitions, infrastructure improvements, build outs and conversion projects. He is extremely skilled regarding regulatory and industry process and procedure for commercial property use. Yoskowitz is very valuable to INCC as we search for, negotiate and utilize property for our various product and service offerings. Yoskowitz is also a research and analytics expert and leads INCC’s feasibility analysis and due diligence for real estate investment and business intelligence. Yoskowitz holds a bachelor’s degree in Economics and a Ph.D. from Massachusetts Institute of Technology in Housing Development and Finance,
Drew Newsom, INCC, Vice President of Public and Regulatory Affairs/Director
Drew Newsom has more than 18 years of experience as a public affairs director and consultant. He has worked as a campaign strategist for the U.S. House, U.S. Senate and Gubernatorial races. Newsom has extensive knowledge in public relations, business development, communications, organizational development, strategy, regulatory compliance, survey and market analysis and resource accountability. He has served as executive director of the State of Michigan Republican House caucus, political director of the State of Mississippi Republican Party, Inner Circle director and campaign manager of the National Republican Senatorial Committee and deputy director of the Business and Industry Political Education Committee (managing statewide Supreme Court and Appellate Court races). His primary responsibility is to provide direction for regulatory compliance and establish relationships with key legislative officials and community leaders. Newsom holds a bachelor’s of science degree in Political Science from Mississippi College and a master’s in Political Management from George Washington University. Accomplishments
As of today, our team has accomplished the following against our overarching development strategy.
Second Quarter 2014
• May 5th, 2014 - INCC announced Medical Cannabis Holdings Inc. • May 19th, 2014 - Announced the Intent to Reduce 3 Billion Shares • May 29th, 2014 - Engaged CPA to complete Financial Statements needed to bring its status with OTC markets current • May 29th, 2014 - Engaged contractors to complete branding and website • May 29th, 2014 - Reviewing several potential solutions for removing DTCC chill • June 17th, 2014 - INCC enters into BINDING LOI to purchase GroPro Systems Inc. • June 30th, 2014 - Definitive Acquisition Agreement with GroPro Systems
Third Quarter 2014
Fourth Quarter 2014
• August 7th, 2014 - Executes Binding LOI to Acquire Assets of Vortex • August 12th, 2014 - Announced MCHI To Exhibit at the Boston Freedom Rally • August 15th, 2014 -Steven A, Jablo Joins Medical Cannabis Holdings as Chief Operating Officer • September 2nd, 2014 - Drew Newsom to Vice President of Public and Regulatory Affairs • September 10th, 2014 - June 2014 Financials uploaded to OTC markets • September 13th, 2014 - MCHI exhibited at the Boston Freedom Rally • September 15th, 2014 - INCC engages Auditor as it makes way to Re-List as Fully Reporting Company • September 15th, 2014 - Florida SOS officially amended 3 Billion Share Reduction • September 16th, 2014 - Attorney letter uploaded in regards to Current Otc Status • September 17th, 2014 - C. Mehos and IP counsel are completing the filings of GroPro's patent. • September 17th, 2014 - Attorney meeting making forward progress on CO state license • September 18th, 2014 - OTC compliance review of INCC to qualify as Current • September 19th, 2014 – Current status on OTC markets achieved • September 24th, 2014 – Launched Corporate Branding Website • September 26th, 2014 - Accepted credit facility up to 3 million in private funding (details to be announced after agreed confidentiality period)
• October 10th, 2014 - INCC Engages Special Counsel: Andre L. Ligon, Esq to Remove DTC Chill - update in 30 days • October 2014 - Goal for Chaffee County Grower to submit Completed Attorney Reviewed CO state application • November 2014 - Goal to file GroPro Patent Application Fully Submitted • December 2014 - Goal to have 2 additional definitive GroPro Leases executed and signed (1 currently signed to date) • December 2014 - Goal to have GroPro Sales Team Built and Trained • December 2014 - Goal to Launch B2B GroPro Advertising Campaign
Conclusion
Our company and the cannabis industry are new, but the principles of integrity and experience within the INCC executive team are seasoned. Rest assured our leadership team would leverage their knowledge, skill and experience to develop INCC into a thriving company committed to serving our community of cannabis consumers, investors and one another.
As investors, our contribution to growth is not passive. As I mentioned in my opening remarks, opportunities and challenges will emerge to test us, but ultimately they will provide the catalysts needed to push us on to continuous improvement, transparency and trust within this new industry.
Thank you for your time, investment. I look forward to our ongoing scheduled communications and welcome your questions, comments and suggestions.
NEXT!
Antonio F. Uccello, III
President and Chief Executive Officer
Dear Fellow Stakeholders,
As with any emerging company on the brink of a powerful national presence, opportunities for leadership and challenge will arise to test our mettle. How we deal with these opportunities and challenges will establish our leadership, transparency and trust within this new industry.
I am confident that with our outstanding executive team, growth strategy and your support, we will emerge as a market leader, providing technology for the medical benefits of cannabis to our target communities and proudly contributing to job growth.
To accomplish our growth objectives we will leverage our leadership, execute our strategy and continue to develop our reputation, which are all critical to our success.
As we move forward, be assured there will be times when our principles are challenged. It is important at these times to provide response to sort myth from truth and continue our development; this is one of those times.
Recently, I have become aware of a specific challenge, which has developed into a question regarding INCC’s leadership experience and two isolated business dealings within my background, which I consider important enough to warrant a personal letter.
My intent for this communication is, first, to provide disclosure and, second, to share the expert backgrounds and areas of focus for the INCC leadership team and provide an timeline of accomplishments of our progress toward achieving our goals—to assure you of our level of skill and commitment to building INCC.
First, to address questions regarding my background, and for the sake of transparency, I provide the following:
Challenges: details and resolution
After more than 26 years of experience assisting many organizations with capital acquisition and business growth within the finance and real estate industries, I personally experienced two very challenging professional events, resulting in my filing for bankruptcy in September 2013, which was also discharged in December of the same year. Here are the primary details of the two isolated incidents, which, while a challenge for me at the time, will have NO impact on INCC!
1-2-1 Direct Response
In 2009, I purchased 1-2-1 Direct Response, a telemarketing company located in Pennsylvania serving a tri-state area and employing more than 750 full-time staff. In 2010, we discovered $900,000 of unsatisfied payroll taxes. I addressed this situation by removing the senior executive and, taking the helm of the toxic subsidiary. The IRS imputed me personally with $1.3M of civil penalties. In 2010, 1-2- 1 Direct Response was sold to a buyer who I believed would grow the company beyond its current position and maintain current staff levels.
Hawkeye Commercial Property
In 2003, two investors and I purchased commercial property in Florida, to develop commercial condominiums. In 2007,after a successful phase1 launch, the real estate market crashed severely impacting our property value and ability to maintain the asset value required by the lender, ultimately resulting in foreclosure. Discontent among our investment group grew, resulting in a lawsuit. Not wanting to go through a lengthy and costly legal battle, I settled for $1.5M, with no admission of guilt or wrongdoing.
With the above addressed, I would like to take this opportunity to move us forward by sharing a brief introduction to your INCC executive team and their areas of responsibility and our collective accomplishments.
As of today, INCC’s executive team is securing additional capital, performing due diligence for additional acquisition targets and creating opportunities for our innovative technologies and distribution channels.
Executive Team
Steven Jablo, Chief Operating Officer
Steven Jablo has more than 36 years of experience as an executive and consultant. He is an expert in the areas of operational management and talent acquisition. His industry experience includes managing partner positions with Differential Partners and Boyden, both executive recruiting firms serving fortune 500 companies. Jablo is responsible for operational management and strategic leadership, working with industry and market leaders and securing top talent for INCC. Jablo will also be our senior executive responsible for creating our training and certification program for cannabis industry professionals. Jablo holds a Bachelor of Arts in Political Science and Government from the University of Wisconsin.
Dr. Avi Yoskowitz, Chief Real Estate Officer/ Director
Avi Yoskowitz has more than 20 years of experience as the CEO of the Heritage Group of New Jersey and TT Heritage Companies of Florida. He has successfully completed numerous land acquisitions, infrastructure improvements, build outs and conversion projects. He is extremely skilled regarding regulatory and industry process and procedure for commercial property use. Yoskowitz is very valuable to INCC as we search for, negotiate and utilize property for our various product and service offerings. Yoskowitz is also a research and analytics expert and leads INCC’s feasibility analysis and due diligence for real estate investment and business intelligence. Yoskowitz holds a bachelor’s degree in Economics and a Ph.D. from Massachusetts Institute of Technology in Housing Development and Finance,
Drew Newsom, INCC, Vice President of Public and Regulatory Affairs/Director
Drew Newsom has more than 18 years of experience as a public affairs director and consultant. He has worked as a campaign strategist for the U.S. House, U.S. Senate and Gubernatorial races. Newsom has extensive knowledge in public relations, business development, communications, organizational development, strategy, regulatory compliance, survey and market analysis and resource accountability. He has served as executive director of the State of Michigan Republican House caucus, political director of the State of Mississippi Republican Party, Inner Circle director and campaign manager of the National Republican Senatorial Committee and deputy director of the Business and Industry Political Education Committee (managing statewide Supreme Court and Appellate Court races). His primary responsibility is to provide direction for regulatory compliance and establish relationships with key legislative officials and community leaders. Newsom holds a bachelor’s of science degree in Political Science from Mississippi College and a master’s in Political Management from George Washington University. Accomplishments
As of today, our team has accomplished the following against our overarching development strategy.
Second Quarter 2014
• May 5th, 2014 - INCC announced Medical Cannabis Holdings Inc. • May 19th, 2014 - Announced the Intent to Reduce 3 Billion Shares • May 29th, 2014 - Engaged CPA to complete Financial Statements needed to bring its status with OTC markets current • May 29th, 2014 - Engaged contractors to complete branding and website • May 29th, 2014 - Reviewing several potential solutions for removing DTCC chill • June 17th, 2014 - INCC enters into BINDING LOI to purchase GroPro Systems Inc. • June 30th, 2014 - Definitive Acquisition Agreement with GroPro Systems
Third Quarter 2014
Fourth Quarter 2014
• August 7th, 2014 - Executes Binding LOI to Acquire Assets of Vortex • August 12th, 2014 - Announced MCHI To Exhibit at the Boston Freedom Rally • August 15th, 2014 -Steven A, Jablo Joins Medical Cannabis Holdings as Chief Operating Officer • September 2nd, 2014 - Drew Newsom to Vice President of Public and Regulatory Affairs • September 10th, 2014 - June 2014 Financials uploaded to OTC markets • September 13th, 2014 - MCHI exhibited at the Boston Freedom Rally • September 15th, 2014 - INCC engages Auditor as it makes way to Re-List as Fully Reporting Company • September 15th, 2014 - Florida SOS officially amended 3 Billion Share Reduction • September 16th, 2014 - Attorney letter uploaded in regards to Current Otc Status • September 17th, 2014 - C. Mehos and IP counsel are completing the filings of GroPro's patent. • September 17th, 2014 - Attorney meeting making forward progress on CO state license • September 18th, 2014 - OTC compliance review of INCC to qualify as Current • September 19th, 2014 – Current status on OTC markets achieved • September 24th, 2014 – Launched Corporate Branding Website • September 26th, 2014 - Accepted credit facility up to 3 million in private funding (details to be announced after agreed confidentiality period)
• October 10th, 2014 - INCC Engages Special Counsel: Andre L. Ligon, Esq to Remove DTC Chill - update in 30 days • October 2014 - Goal for Chaffee County Grower to submit Completed Attorney Reviewed CO state application • November 2014 - Goal to file GroPro Patent Application Fully Submitted • December 2014 - Goal to have 2 additional definitive GroPro Leases executed and signed (1 currently signed to date) • December 2014 - Goal to have GroPro Sales Team Built and Trained • December 2014 - Goal to Launch B2B GroPro Advertising Campaign
Conclusion
Our company and the cannabis industry are new, but the principles of integrity and experience within the INCC executive team are seasoned. Rest assured our leadership team would leverage their knowledge, skill and experience to develop INCC into a thriving company committed to serving our community of cannabis consumers, investors and one another.
As investors, our contribution to growth is not passive. As I mentioned in my opening remarks, opportunities and challenges will emerge to test us, but ultimately they will provide the catalysts needed to push us on to continuous improvement, transparency and trust within this new industry.
Thank you for your time, investment. I look forward to our ongoing scheduled communications and welcome your questions, comments and suggestions.
NEXT!
Antonio F. Uccello, III
President and Chief Executive Officer
