CROP Extends Closing of Commercial Real Estate Purchase Agreement by Elite Ventures for Tonopah, Nevada Property
CROP Infrastructure Corp. (CSE:CROP, OTC:CRXPF, Frankfurt:2FR) (“CROP” or the “Company”), is pleased to announce that, further to its news release dated August 1, 2019, Elite Ventures Group LLC (“Elite”), a limited liability company organized and existing under the laws of the State of Nevada in which the Company holds a 49% membership interest, has agreed to extend the proposed closing date of its previously announced commercial real estate purchase agreements (the “Property Purchase Agreements”) dated July 15, 2019 with a certain buyer (the “Buyer”) to purchase certain real property located in Tonopah, Nevada (the “Nevada Property”) owned by Elite to a date on or before September 20, 2019.
In connection with the sale of the Nevada Property, The Hempire Company L.L.C. (“Hempire”), a limited liability company organized and existing under the laws of the State of Nevada, also agreed to extend the closing date of the asset purchase agreement (the “Asset Purchase Agreement”) dated July 15, 2019 with the Buyer, pursuant to which Hempire agreed to sell four active, authenticated, usable, uninhibited and transferrable Nevada Marijuana Certificates (the “Licences” and, together with the Nevada Property, the “Nevada Assets”) registered on the Nevada Property, to a date on or before August 23, 2019.
The extensions are to be granted provided the Buyer deposits into escrow $1,000,000 (the “Deposit”), which Deposit will be applied to the purchase price of the Nevada Property and the Licences before September 6, 2019.
For more information on the sale of the Assets, please see the Company’s August 1, 2019 new release.
CROP is a publicly listed company trading on the CSE under the symbol CROP. The Company is focused on owning a portfolio of cannabis branding, CBD and real estate assets through its wholly and partially-owned subsidiaries. CROP’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of Hemp CBD farms, and a growing portfolio of share equity in various companies within the cannabis space.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line and 16 cannabis brands.
Disclaimer for Forward-Looking Statements
This news release contains forward-looking statements that involve various risks and uncertainties regarding future events. Such forward-looking statements are based on current expectations of management, involve a number of risks and uncertainties, and are not guarantees of future performance of the Company. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include, but are not limited to, statements regarding: (i) the Property Purchase Agreements and the respective closing thereof; and (ii) the Asset Purchase Agreement and the respective closing thereof. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the unsatisfactory due diligence review of the Nevada Assets by the Buyer, the regulatory and legal framework of the United States cannabis industry, general market conditions and other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
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