KINGWOOD, Texas, March 2 /PRNewswire-FirstCall/ -- International Merchant Advisors, Inc. (PK: IMAI) www.imaiinc.com announced today that the company has reached an agreement in principal to acquire its first operating business in the clinical medical marijuana space. IMAI has agreed to acquire Organic Science, Inc. for $15 million in the restricted common stock of IMAI. Organic Science, Inc. is in the business of managing medical marijuana operations and dispensaries. The purchase price is subject to the completion of a valuation opinion by an independent third party and may be adjusted upward or downward based on the valuation received. IMAI intends to simultaneously pursue further acquisitions and licensing and development in a number of states where medical marijuana is legalized, and is allowed to be operated on a "non-profit and for profit" basis. These include California, Montana, Colorado, and New Mexico, among other opportunities currently being pursued.
John W. Flinn, President and CEO of Organic Science, Inc. said, "We are excited to become part of the publicly traded International Merchant Advisors, and look forward to accelerating our expansion program and current operations with them as our financial and business partner."
Mel Roseman, CEO of IMAI, commented, "There are very few opportunities to acquire existing operations which actually will bring current income in the medical marijuana space. Organic Science brings this current capability, as well as John Flinn, a talented, experienced executive who knows how to build an organization in this important area of chronic pain treatment."
About International Merchant Advisors, Inc.
International Merchant Advisors, Inc. (IMAI) www.imaiinc.com is an international business banker and builder of companies. IMAI provides direct access to the critical tools necessary to satisfy the growth requirements of international emerging and re-emerging public and private companies. These tools include providing strategic advisory services, capital raising strategies, direct access to capital markets, and organizational development and business plan execution.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.
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|SOURCE International Merchant Advisors, Inc.|
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