IRVINE, CA--(Marketwired - Mar 1, 2017) - iBrands Corporation Inc. (
iBrands Corporation Inc.'s CEO, Michael Ogburn, is pleased to announce that our 1,000 kilo CBD oil deal is going forward as planned. We received our deposit on February 27th and will collect the balance due upon shipment of the product by the middle of March. iBrands is also fielding several calls per day regarding future sale from 100 grams to orders in the "tons." "We have been building the Purest CBD brand for over a year and now it's really starting to pay off," states Ogburn.
Ogburn is also a Managing Partner of Lightwave Capital LLC. In the third quarter of 2016, Lightwave owned over 10B shares of iBrands stock. 5 billion of those shares were transferred to another member of management, leaving Lightwave with a little over 5B. Now Lightwave, under the direction of Ogburn, will be retiring 4.5 Billion of those shares or roughly 30% of the issued and outstanding. "5% of something huge, to me, is bigger than 70% of something small," Ogburn states.
Lightwave also owns $296,000 in convertible notes that are on the balance sheet. Lightwave will be forfeiting and cancelling those notes. "This is a show of good faith that we are more focused on the future of iBrands. These notes, if converted, would exceed $1,000,000 as of today. We are in this for the long haul and feel the stock is undervalued, and one way to start realizing that value is to have a clean balance sheet," stated Ogburn.
About iBrands Corporation, Inc.:
Headquartered in Irvine, California, iBrands Corporation, Inc. engages in the manufacturing and distribution of Ultra-Premium Vapor and CBD products that are made in the USA.
Safe Harbor Statement:
This press release may contain forward looking statements and or observations which are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues as well as any payment of dividends on our stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties include but not limited to information as contained within the Company's most current quarterly reports, annual reports, and or other such filings as may be accessed through the OTCBB website. Furthermore, the Company disclaims any intention or obligation to update or revise any such forward looking statements, whether as a result of new information, future events, or otherwise. We have incurred and will continue to incur significant expenses in our expansion of our existing as well as new product lines noting there is no assurance that we will generate enough revenues to offset those costs. Additional product offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the variables as associated with the general business channel we are operating in, the impact of which cannot be predicted at this time including risks as associated with our product and recent FDA pronouncements.
iBrands Corporation, Inc. Investor Contact: (949) 440-3232
