USEI Announces Acquisition of Public Company for Growth Strategy
March 10 2014 - 8:15AM
Marketwired
USEI Announces Acquisition of Public Company for Growth Strategy
SANTA CLARITA, CA--(Marketwired - Mar 10, 2014) - USEI Cannabis
Initiatives Corp, a wholly owned subsidiary of U.S. Energy
Initiatives Corporation, Inc. (OTC Pink: USEI) USEI is pleased
today to announced that Management and the Company is finalizing an
agreement to acquire the controlling interest of a reporting
publicly traded company called Hotcloud Mobile, Inc, who's trading
symbol is HOTM-OTC. The purpose of the acquisition is to integrate
this company into USEI's cannabis strategies.
According to Anthony Miller, CEO, "We believe that this is a
significant acquisition for Management and USEI. Hotcloud Mobile's
management is seeking retire their public status and remain solely
as a private company. Our goal is to bring this firm to a current
status (audit the financials and list on the OTCQB), change the
name and symbol and merge new business into the company. Management
has already spoken to regulatory agencies, legal and auditors and
has assurances that the firm can be brought to QB status very fast.
Over the course of the last few weeks we have been diligent at
finding new business to integrate into our cannabis strategies.
Some of this new business will come under USEI Cannabis, Inc and
some of this new business will come under the banner of this newly
acquired firm. The final payment and closing of this acquisition
will occur over the course of the next week or immediately
following receipt of Hotcloud's deliverable items to close the
transaction."
"This is not our only acquisition strategy planned; we have
others planned, as well as, strategic alliances with other Colorado
based firms. We will continue to methodically grow our firms with
the mindset of long term growth. Our initial cannabis focus is in
Colorado where Colorado Gov. John Hickenlooper has projected that
Cannabis products sales, in the state, will reach 1 billion dollars
in the next fiscal year," further quoted Miller.
Note: According to a report obtained by
The Huffington
Post: Legal marijuana is among the fastest-growing
markets in the United States, and it's growing at a rate
poised to outpace the expansion of the global Smartphone market. In
2013 Researchers surveyed hundreds of medical cannabis retailers,
processors, dispensary owners and industry leaders over the course
of a six month period, and estimated that more than $1.43 billion
worth of legal marijuana was to be sold. The report also
predicts that figure to grow by 64 percent, to $2.34 billion the
end of 2014. By comparison, recent figures show the
Smartphone market expanded by 46 percent from 2012 to 2013.
Thus: "Cannabis is one of the fastest-growing
industries," said Steve Berg, a former managing director
of Wells Fargo Bank and editor of the report, the second edition of
the State of Legal Marijuana Markets. "Domestically, we weren't
able to find any market that is growing as quickly."
"We will continue to focus on these lucrative Hemp and Medical
Marijuana marketplaces and develop partnerships and market products
and services that will diversify and advance our operations. More
information regarding our strategies will be forthcoming in the
coming weeks and basic information regarding our present cannabis
subsidiary can be found on the company's website
@ www.useicannabis.com/web/," commented Miller.
About U.S. Energy Initiatives: U.S. Energy Initiatives
Corporation is a diverse (OTC Pink: USEI) energy firm. This firm
started in 1996 and has had a long successful business history of
developing its business strategies. Management's new goal is to
develop its old and new technologies and to build a dynamic and
diverse firm. From 2014-2015 U.S. Energy Initiatives will center on
Energy, Medical Marijuana and Hemp for developing products and
services. Our goal here is to become an environmentally responsible
firm, marketing our products to a worldwide audience to produce
significant revenue and add value for our shareholders.
DISCLOSURES: "Safe Harbor" statement under the Private
Securities Litigation Reform Act of 1995: This press release may
contains forward-looking statements that are subject to risk and
uncertainties, including, but not limited to, the impact of
competitive products, product demand, market acceptance risks,
fluctuations in operating results, political risk and other risks
detailed from time to time in the Company's filings with
OTCMarkets.com and as required to the Securities and Exchange
Commission. These risks could cause USEI's actual results to differ
materially from those expressed in any forward-looking statements
made by, or on behalf of, the Company.
Contact: U.S. Energy Initiatives Corporation, Inc. Investor
Relations Ph: 866 922-1116 Email:
info@usenergyinit.com Web: www.usenergyinit.com Web:
www.useicannabis.com
US Energy Initiatives (CE) (USOTC:USEI)
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