Tempe, AZ - (NewMediaWire) - October 09, 2015 - American Green, Inc. (OTC Pink: ERBB) announced today that it has terminated the previously-signed Purchase and Sale Agreement announced on June 28, 2015, under the terms of the newly signed Reseller Agreement.
The current share price, combined with other strategic and operational initiatives have hindered the company’s ability to complete the acquisition with TrackX at this time. The strategic value of a relationship with TrackX in the delivery of world class RFID-enabled Asset Tracking Solutions to the Cannabis Industry remains significant and, as such, a Reseller Agreement with TrackX will still afford American Green the ability to respond to the increased demand for Asset Tracking Systems within the industry.
“The Reseller Agreement allows us to quickly gain traction in the market at less cost than an acquisition, while also allowing TrackX to continue to expand their asset tracking business to a growing number of Fortune 1000 customers,” according to Steph Shearin, American Green president.
The newly issued shares that were previously reserved for the TrackX acquisition will be returned by the escrow agent, and, once received by American Green, will be cancelled.
“American Green has an amazing opportunity in the Seed-to-Sale marketplace. Our cultivation opportunities, such as those that were recently announced, have shown us where the industry is at present and it’s a long way from where it could be and where I believe it will be.”
“We remain confident that TrackX is the best partner to help implement our seed-to sale-strategy for legal cannabis operations, as well as for local and state governments. As always, the Company will continue to keep its shareholders abreast of developments as they occur,” concluded Shearin.
If you haven’t heard, the American Green 420 Report is available online. Filmed and produced at the American Green studio in Tempe, AZ, media director Will Harris brings you a weekly report of the good, the bad, and the fascinating as he keeps our 50,000 shareholders and viewers up to date with the “goings on” within the legal cannabis business in the US and around the world.
Subscribe to the 420 Report at https://www.youtube.com/user/americangreenusa.
Be sure to visit the company's website at www.americangreen.com and sign up for the company's EMAIL ALERTS to stay current on news.
Shareholders and interest holders may also stay current with American Green Updates:
Twitter: @American__Green (two underscores), or
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.
About American Green, Corp.
American Green, Corp., became one of the first publicly traded technology companies in the medical cannabis industry in the world, beginning in 2009, with the introduction of the ZaZZZ machine for automated, age-verifying dispensing of cannabis-based medicines. Now, with over 50,000 individual shareholders, American Green’s mission is to be the cannabis & industrial hemp industry, seed-to sale innovator, leveraging our team of professionals, as well as value-added companies and products - spanning cultivation, manufacturing and extraction, retail, and community outreach. We strive to develop sustainable businesses, while increasing shareholder value, and awareness beyond our industries.
American Green, Inc.
1221 W Warner Rd, Suite 103
Tempe, AZ 85284