SW China Imports to Acquire Loe & Associates, Medical Cannabis Collective in Washington State
April 21 2014 - 7:15AM
Marketwired
SW China Imports to Acquire Loe & Associates, Medical Cannabis
Collective in Washington State
DALLAS, TX--(Marketwired - Apr 21, 2014) - SW China Imports,
Inc. (OTCBB: SWCI) (OTCQB: SWCI) signed an agreement to acquire Loe
& Associates, a Washington State company that owns and operates
a medical cannabis collective (Townsend Herbal Collective), CEO
Graciela Moreno announced today.
The deal is subject to an audit of Loe & Associates for
2013. The purchase price is for 126 million shares of SW China
Imports common stock. Ms. Moreno said she expects to complete the
acquisition within 120 days. James Loe, the President and owner of
Loe Associates will join the company as Senior Vice President/Chief
Operating Officer immediately.
James will be in charge of opening a second collective in the
same general area of Washington State as the Townsend facility. The
expansion will also include a grow facility so that the Company can
grow more of its own product and experiment with different levels
of CBD concentration. It is anticipated that the new facility will
be operating within the next 60 days. Funding for the
expansion is being provided by an existing line of credit. Until
the closing of Loe & Associates the new facilities will be
jointly owned by the Company and Loe & Associates.
Use of medical marijuana has been legal in Washington State
since 1998, and the state legalized possession of up to one ounce
of recreational marijuana last year. Loe &Associates has
applied for a 502 license to sell recreational Marijuana when the
regulations allow the sale. There is no guarantee that they will be
granted that license, as the competition for 502 Licenses are very
strong.
Loe & Associates opened Townsend Herbal Collective in Port
Townsend, WA, in September 2013, and reported sales of $240,000 in
the first seven months. Port Townsend is 40 miles northwest of
Seattle.
SW China Imports expects to begin construction of a growing
facility and a second dispensary in Washington State next month. It
currently employs three people in Port Townsend and plans to hire
four more soon as soon as the second facility is completed.
Mr. Loe, 28, a native of Hillsboro, OR, was an all-state
basketball star in high school who played for Eastern Washington
University and Louisiana Tech University, where he studied
psychology. He played professionally in France and Serbia before
going into business in Washington State.
Forward-Looking Statements: This press release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of
1934. A statement containing words such as "anticipate," "seek,"
"intend," "believe," "estimate," "expect," "project," "plan," or
similar phrases may be deemed "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Some or all of the events or results anticipated by these
forward-looking statements may not occur. Factors that could cause
or contribute to such differences include the future U.S. and
global economies, the impact of competition, and the Company's
reliance on existing regulations and new regulations. SW China
Imports, Inc., does not undertake any duty nor does it intend to
update the results of these forward-looking statements.
Contact: SW China Imports, Inc. Graciela Moreno 214-666-8364
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