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KGET Receives Signed Acquisition Term Sheet from N

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Posted On: 01/10/2017 8:15:13 PM

Posted By: Chicks4Free

KGET Receives Signed Acquisition Term Sheet from Northern California Marijuana Farm

RIVERSIDE, CA--(Marketwired - Jan 10, 2017) - Kleangas Energy Technologies, Inc. (OTC PINK: KGET), (name change pending to "CaliPharms, Inc."

is pleased to announce that it has received its first signed Acquisition Term Sheet from a Northern California Medical Marijuana Grower.

KGET has been in negotiations with the grower since early December. The Term Sheet outlines the price and general parameters of the purchase agreement. The acquisition target is a medical marijuana-cannabis grower that has been operating as a non-profit California Corporation since 2010. The acquisition target is currently an outdoor grower of medical marijuana and plans to expand its current operations under KGET's umbrella. Its current annual production is approximately 4500 pounds of flower and 4700 pounds of trim. The trim is sold and used for cannabidiol (CBD) products.

See Cannabis Prices @ https://www.cannabisbenchmarks.com/weekly-report.html

KGET will be the sole owner of the operation once the acquisition is completed, and the acquisition will be operated as a wholly owned subsidiary to KGET. The consideration for the transaction is $3,400,000 USD.

The Term Sheet is an all stock acquisition which will afford KGET to put its investment dollars towards the expansion of the business. Upon raising capital for growth, the goal will be to develop five new properties.

Currently, KGET has no plans for a reverse split. Management believes it is best for the current shareholders to keep the current capital structure in place. The main reason to request a reverse split would be if the company were applying to a higher tier stock exchange and that exchange had a minimum price the company needed to attain. In that case, a reverse split would be a major benefit to all the shareholders.