4Cable TV International, Inc. Announces Completion of Acquisition of CIGN, LLC
MIAMI, Feb. 10, 2021 /PRNewswire/ — InvestorsHub NewsWire — 4Cable TV International, Inc. (OTC: CATV) (the “Company”) announced today that it completed the acquisition of CIGN, LLC devoted to growing hemp flower and seedlings to support a global CBD integrated services and products company. Effective February 9, 2021, the Company acquired 100% of the equity interests of CIGN, LLC. As a result of the acquisitions, the Company will operate a State of the Art Cravo Grow Facility. Gross sales of CIGN for 2021 are expected to reach between $20 and $40 million dollars. This acquisition, together with the Company’s previously acquired entities further the Company’s new strategy of transforming the Company into a fully integrated global CBD/hemp business.
The Company acquired CIGN, LLC for a consideration of $10,000,000. In the transaction, 70% of the consideration was paid in the form of newly issued shares of the Company’s Series B preferred stock and 30% was paid through the issuance of a promissory note. The shares of Series B preferred stock, which are convertible into shares of Company common stock, were valued at $0.007458 per share, which represents the closing date average for the last 30 days common stock conversion of Preferred B as of February 5, 2021. Each promissory note bears interest at an annual rate of 6% and matures on the earlier of February 9, 2022 or the consummation of a qualified financing.
CIGN, LLC was owned by affiliates of the Company. Michael Feldenkrais, the Company’s Chief Executive Officer and sole director, indirectly owned 50% of the equity interests in CIGN and, therefore, received 50% of the consideration payable in connection with that acquisition. Mr. Feldenkrais also owns a majority of the voting control of the Company through his ownership of the Company’s Series A preferred stock, which possess super-voting rights. The Series B preferred stock issued in connection with the acquisitions do not possess super-voting rights.
About CIGN, LLC
CIGN, LLC is a full-service germination nursery of affordable hemp transplants to farms across the U.S. headquartered in Homestead, Florida and a full-scale grower of Premium Hemp Flower.
The company ships high quality hemp seedlings directly to farms and grows plants to completion to sell hemp flower and biomass to manufacturers to produce products.
With a 6-acre State of the Art “Cravo” Greenhouse facility with over 167,000 square feet of covered area, the farm is currently growing over 100,000 plants per season.
CIGN, opened its doors in April 2020 and became the 2nd issued license in the State of Florida and is under contract with the University of Florida as a research facility. CIGN, is in a unique position to grow several crops a year and provide consistent results that focus on harnessing CBD, CBG, CBN and other Cannabinoid compounds produced by the plant to apply it in human wellness. www.canitgrow.com Our hemp flower products range from indoor grown hemp strains to bulky high quality outdoor grown strains. CIGN sells hemp strains from 2-star grade all the way up to 5-star private reserve grade.
About 4Cable TV International, Inc.
4Cable TV International, Inc. (OTC: CATV) is seeking to create and operate a fully integrated global CBD/hemp business, ranging from growing to retailing. To accomplish this strategy, the Company has begun to actively seek acquisition targets in the CBD/hemp industry, which may include companies in which the CEO or other related parties have interests. The companies will be consolidating all their operations into the facilities of CIGN at 23100 SW 192nd Ave, Miami, FL 33170.
4Cable TV International, Inc. has identified and is negotiating several other acquisitions it will be announcing shortly.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding 4Cable TV International’s business that are not historical facts are “forward-looking statements.” Examples of forward-looking statements include, among others, statements regarding the Company’s future business and prospects, strategic plans and strategic transactions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: general economic and financial conditions; consumer demand for CBD/hemp products and services; volatility in the trading markets and the lack of liquidity in the Company’s common stock; the Company’s ability to successfully execute on its new CBD/hemp strategy; the Company’s limited operating history in the CBD/hemp business; the legal status of the Company’s CBD/hemp business; risks inherent in the CBD/hemp business; existing and new government regulations and changes in regulatory requirements; risks related to rules and regulations at the U.S. federal, state and municipal levels with respect to CBD/hemp; the Company’s ability to obtain financing or raise capital on favorable terms or at all in order to execute its business strategy; the Company’s ability to successfully identify and integrate acquired businesses; and risks associated with engaging in transactions with third parties, including related parties. For a discussion of additional general risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see CATV’s OTC Market filings. Any forward-looking statement made by in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
SOURCE 4Cable TV International, Inc.