$INCC to Close Acquisition of Blue Plant Farms LLC
Sarasota, Florida--(Newsfile Corp. - May 4, 2021) - INCC (International Consolidated Companies, Inc.) (OTC Pink: INCC) today announced it has entered into a definitive agreement to acquire the business and assets of Blue Plant Farms, LLC with an expected closing on May 30, 2021. Blue Plant Farms produces CBD hemp oil products under several brand names offering improved bioavailability through the Company's proprietary water-soluble formulations.
Blue Plant Farms' product suite includes:
Blue Plan Farms Product Suite.
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EEZ-AWAY™ OTC Drug Single Application CBD with Emu Oil for topical pain relief
CBD Millennial Blend™ Coffees w/25gm Full Spectrum Hemp Oil in K-Cup capsules
NOOTROPIC™ Blueberry Hemp-Shroom Nootropic Shot for well-being.
BLUDOG™ Phyto-Cannabinoid for Dogs & Cats with 250 mg CBD
EEZ-AWAY™ is the first BPF product to use PureForm CBDTM, 100% Nature-Identical CBD. The exact same molecule, every time. No THC or any other hallucinogens are ever present in starting materials or finished product.
Since PureForm CBDTM is manufactured in their labs, where there are no production capacity constraints due to crop damage or limitations of any kind; No hemp or cannabis-based regulatory constraints; No: Toxic Impurities, Heavy Metals, Pesticides, Neurotoxins, or Mycotoxins. No Variability in Product Quality.
CBD is cannabidiol, one of 140 cannabinoids -naturally occurring compounds found in cannabis plants. CBD is cannabidiol, one of 140 cannabinoids -naturally occurring compounds found in cannabis plants. Generally speaking, Research supports CBD's benefits in a range of conditions.
Terms of the Deal: $5MM in Preferred Z shares (4mm A. Uccello / 1MM C.J. Ornburg); Preferred Z shares are not convertible to the Company's common shares.
Sales Milestones and Bonus Structure
Year 1= $5,266,499
1mm Preferred Z shares
Year 2= $20,180,835
2mm. Preferred Z shares
Year 3=$ 36,800,835
3mm Preferred Z shares
Year 4= $ 53,420,835
4mm Preferred Z shares
INCC anticipates launching the Company's National Go-To-Market strategy on July 1, 2021 through Blue Plant Farms' sales and distribution contract with a 90,000-member convenience store association, with initial goals calling for insertion of products into 5,000 convenience stores over the next 24 months.
Valuation Econometrics was engaged by INCC to value BPF on the merits of its contract for implementation of 5,000 C-stores and only the (1) EEZ-AWAY™ product. This valuation does not include any other products or distribution channels including additional C-stores.
In addition, INCC today announced the addition of Thomas J. Megale, CPA to the Company's board of directors, joining Antonio Uccello - CEO and Chairman of the Board, and Jeffrey Ornburg - Director.
Antonio Uccello - Chief Executive Officer / Chairman of the Board
Mr. Uccello is the founder, President, Chief Executive Officer, Chairman of the Board of Directors and the Chief Financial Officer of the Company. Mr. Uccello attended college at the University of Connecticut and took graduate courses at Hunter College in New York City. Mr. Uccello has been in the securities industry for 13 years. Mr. Uccello has extensive experience in finance and is responsible for the over-all profitability of the Company.
C. Jeffrey Ornburg - Director
Jeffrey Ornburg was the co-founder and Managing Partner of Excelsior Benefits, Excelsior Companies, and Excelsior Endeavors. Excelsior Benefits is a national general agency operating in the small to mid-market employee benefits. Representing United Healthcare, Blue Cross Blue Shield, Principal Financial, TransAmerica, Human. Mr. Ornburg played an integral role in growing the agency to over a $1.8 billion in annualized premium before recently being acquired by United Healthcare. Excelsior Companies is a national general agency for LifeLock's employee benefits division and has recently been acquired by Symantec. Prior to starting Excelsior Jeff was a Sr. Vice President with the Principal Financial Group and has sat on the boards at UHC, BCBS and TransAmerica and was the board chair for Lake Tahoe School. Jeff earned a BSBA in Aerospace Science from the University of North Dakota and currently resides in Incline Village, NV.
Thomas Megale - Director
Thomas Megale is on the board of Greenrose Acquisition Corp. and Managing Member at T J Megale CPA PLLC. He previously was Partner at Abbate & Megale. Mr. Megale received an undergraduate degree from Wallace E Carroll School of Management.