Forecasted Revenues for the Restaurants and Event Center to exceed $3 million
Newport Beach, CA, Feb. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- M Line Holdings, Inc. (OTC Pink: MLHC; "M Line" or the “Company”), is excited to announce that it has closed its acquisition of the 38 acres of land, the three restaurants and the event center in Arizona. This is the first step in the growth of our hospitality division.
The Company will be working on plans for the development of the land including a gas station and travel center, RV Park and hotel over the next few months.
The purchase price includes preferred stock that converts to 189,250,000 shares of common stock that cannot be converted for one year plus $600,000 cash paid over six months.
Tony Anish, CEO of M Line, commented: “This is a major step in our growth plans. The restaurants had revenues of approximately $1 million for 2018. We are forecasting over $3 million in revenue for the restaurants and event center in 2019. These locations are profitable and we plan to increase that profitability substantially. Furthermore, we are already negotiating another acquisition for the hospitality division which will add a further $15 million in revenue. We hope to finalize the terms this month. We plan to develop the land to include a gas station, travel center, RV park and hotel in the future. Keep watching for more news."
About M Line Holdings, Inc.
M Line is a Holding Company. It controls subsidiaries involved in the Beverage Branding and Distribution industry that includes our VEA™ and TORQUE® branded drinks. In addition, M Line controls two subsidiaries in Florida in the Food and Beverage distribution business and M Line has now expanded into the Cannabis Industry with the acquisition of our C-Pod manufacturing business. M Line has just acquired three restaurants and an event center in Arizona and land for development. M Line will continue with its business financing activities while looking for other opportunities in the Beverage, Distribution, hospitality and Cannabis industries as well as other prospects that make sense to management.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement is not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For more information contact Tony Anish
E Mail: info@mlineholdings.com
Follow us on Twitter: @mlinehc
Web site: www.mlinehc.com
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Web site: www.drinktorque.com / @DrinkTorque
