$LVVV LiveWire Ergogenics Executes Letter of Inten
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Posted On: 09/28/2021 9:11:58 AM
$LVVV LiveWire Ergogenics Executes Letter of Intent to Acquire Equity Position in Makana Ola Farms Located in Humboldt California
https://www.globenewswire.com/news-release/20...ornia.html
Anaheim, CA, Sept. 28, 2021 (GLOBE NEWSWIRE) -- LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring, managing, and licensing special purpose real estate properties conducive to produce high-quality, handcrafted, and organically grown cannabis products for medical and recreational adult-use in California; today announced that it has signed a Letter of Intent to acquire a minority equity position in Makana Ola Farms (“MOF”) located in Humboldt, California, with an option for a complete acquisition.
The letter of Intent establishes a 4.99% equity position for Livewire Ergogenics with an option for additional equity ownership subject to certain legal, licensing, and financial milestones. The transaction requires the issuance of 10 Million restricted shares of Livewire Ergogenics transferrable upon final agreement of minority position. This will add an exceptional cultivation facility to LiveWire’s portfolio of carefully selected affiliate and subsidiary companies dedicated to cultivating environmentally sustainable sun-grown craft cannabis for distribution throughout California.
Bill Hodson, CEO of LiveWire Ergogenics, states, “We welcome Jason Spain, his team, and Makana Ola Farms to our family of companies. We have been working with the Makana Ola Farms’ expert team of growers, a passionate crew that eats, sleeps, and breathes their craft for some time now. They have been crucial in getting the Estrella River Farms operation in Paso Robles up and running in record time, and now the first acre harvest is right around the corner. With the expanded acreage next year on Estrella Ranch and the addition of Makana Ola, the timing of our scalability is perfect.”
Makana Ola Farms has completed its initial Humboldt County approval process and is in the final approval stage from the State, which will allow the farm to be in full operational mode shortly. Makana Ola Farms is a 40-acre parcel with a 9,900 sq ft cultivation area located in the heart of Humboldt County in California. Humboldt County is synonymous with cannabis since cultivators with a strong passion for quality cannabis have grown there for many years.
“The acquisition of a minority equity position, in addition to our current consulting and marketing services agreement, strengthens our relationship even further, allowing us to utilize the same expert team for both our locations. This cooperation establishes an economically prudent operation on both sides by interchanging resources as needed and will accelerate our financial performance. At the same time, it assures the cultivation of the absolute best quality craft cannabis in California on Estrella Ranch and Makana Ola Farms. I believe these farms will produce some of the strongest brands to emerge from the California cannabis scene,” concludes Hodson.
Jason Spain of Makana Ola Farms said, "We are delighted that LiveWire has acquired an equity position in our farm, with the prospect of a full acquisition, further manifesting our already close working relationship with LiveWire’s affiliate company Estrella River Farms in Paso Robles. Livewire's new equity position in our Company will intensify our already close working relationship and allow us to run both farm locations, Paso Robles and Humboldt, even more economically. Our family is humbled and grateful for LiveWire's assistance and guidance in advancing the Makana Ola Farms development; Mahalo Nui Loa, LiveWire."
https://www.globenewswire.com/news-release/20...ornia.html
Anaheim, CA, Sept. 28, 2021 (GLOBE NEWSWIRE) -- LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring, managing, and licensing special purpose real estate properties conducive to produce high-quality, handcrafted, and organically grown cannabis products for medical and recreational adult-use in California; today announced that it has signed a Letter of Intent to acquire a minority equity position in Makana Ola Farms (“MOF”) located in Humboldt, California, with an option for a complete acquisition.
The letter of Intent establishes a 4.99% equity position for Livewire Ergogenics with an option for additional equity ownership subject to certain legal, licensing, and financial milestones. The transaction requires the issuance of 10 Million restricted shares of Livewire Ergogenics transferrable upon final agreement of minority position. This will add an exceptional cultivation facility to LiveWire’s portfolio of carefully selected affiliate and subsidiary companies dedicated to cultivating environmentally sustainable sun-grown craft cannabis for distribution throughout California.
Bill Hodson, CEO of LiveWire Ergogenics, states, “We welcome Jason Spain, his team, and Makana Ola Farms to our family of companies. We have been working with the Makana Ola Farms’ expert team of growers, a passionate crew that eats, sleeps, and breathes their craft for some time now. They have been crucial in getting the Estrella River Farms operation in Paso Robles up and running in record time, and now the first acre harvest is right around the corner. With the expanded acreage next year on Estrella Ranch and the addition of Makana Ola, the timing of our scalability is perfect.”
Makana Ola Farms has completed its initial Humboldt County approval process and is in the final approval stage from the State, which will allow the farm to be in full operational mode shortly. Makana Ola Farms is a 40-acre parcel with a 9,900 sq ft cultivation area located in the heart of Humboldt County in California. Humboldt County is synonymous with cannabis since cultivators with a strong passion for quality cannabis have grown there for many years.
“The acquisition of a minority equity position, in addition to our current consulting and marketing services agreement, strengthens our relationship even further, allowing us to utilize the same expert team for both our locations. This cooperation establishes an economically prudent operation on both sides by interchanging resources as needed and will accelerate our financial performance. At the same time, it assures the cultivation of the absolute best quality craft cannabis in California on Estrella Ranch and Makana Ola Farms. I believe these farms will produce some of the strongest brands to emerge from the California cannabis scene,” concludes Hodson.
Jason Spain of Makana Ola Farms said, "We are delighted that LiveWire has acquired an equity position in our farm, with the prospect of a full acquisition, further manifesting our already close working relationship with LiveWire’s affiliate company Estrella River Farms in Paso Robles. Livewire's new equity position in our Company will intensify our already close working relationship and allow us to run both farm locations, Paso Robles and Humboldt, even more economically. Our family is humbled and grateful for LiveWire's assistance and guidance in advancing the Makana Ola Farms development; Mahalo Nui Loa, LiveWire."
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