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3 years ago
$CHYL Unified Global Corp Signs Letter Of Intent To Acquire Oregon Vertically Integrated Cannabis Operator
Press Release | 10/21/2021
DENVER, CO and CALGARY, AB / ACCESSWIRE / October 21, 2021 / Unified Global Corp ("UGC") (OTC PINK:CHYL) announced today its that it signed a non-binding letter of intent to acquire its initial US cannabis business, located in Portland, Oregon. Be Wonderful Wellness is a vertically integrated craft cannabis farming operation and retail establishment known for their consistent high quality cannabis production and retail sales throughout the State of Oregon.
"Be Wonderful is excited by this opportunity to continue our growth. This deal allows us to maintain our brand recognition and supports our efforts to grow living-soil cannabis. Upon closing we will also receive the benefits offered by a publicly traded company" stated Brian Hall, dispensary owner and Lead Grower on the farm who has over 20 years of experience in the cannabis industry. UGC will continue to utilize Mr. Hall's talents to oversee the highest quality production at his farming operation.
"Partnering with Be Wonderful is a significant step towards our objective of becoming a vertically integrated, profitable, regenerative cannabis operations that provide naturally grown cannabis from seed to sale," notes Kelly Blume UGC's Chief of Cultivation. "We are excited to have Brian and his team in our collective. They bring a passion for the plant and the desire to grow cannabis that is in harmony with our vision of what "top shelf" cannabis means," Blume stated.
Upon completion of this Oregon transaction and the closing of last week's announced Letter of Intent to acquire a Canadian dispensary chain, UGC would become the world's first Canadian-American Multistate Operator (Can-Am MSO) with retail operations in two counties.
The Oregon transaction is expected to have two separate closings. Initially, UGC will acquire the real estate, including the farm and retail location, along with all of Be Wonderful's intellectual property. The second closing will occur upon the approval of the assignment of the applicable licenses by the OLCC. The anticipated purchase price, which is subject to adjustment, is expected to be approximately $2.4 million, which will be paid in cash and stock. While there are no assurances that either of the announced transactions will close. The first closing of the Oregon transaction is expected to occur prior to year end.
About Unified Global
Unified Global intends to become a vertically integrated Canadian/American Multi State Operator (Can-Am MSO) by consolidating cannabis operations in three markets from two countries., The Company's management is an experienced team with significant cannabis operating expertise.
FOR FURTHER INFORMATION PLEASE CONTACT:
UNIFIED GLOBAL CORP.
Media@unifiedglobalcorp.com
(888) 881-6572ext. 200
www.unifiedglobalcorp.com
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained in this press release includes, without limitation, the Company's intention to acquire the Canmore Cannabis Company and the Cochrane Cannabis Company, strategic plans for Unified Global generally, the growth rate, size or nature of the cannabis market, the success of the cannabis retailers which Unified Global acquires or in which it intends to invest, Unified Global's business plans, Unified Global's business strategy and investment plans, and Unified Global's ability to grow and become a vertically integrated cannabis company. There is no assurance that the transactions described herein will occur on the expected timeline, in the manner described or at all.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward- looking information in this press release including the inability or failure of Unified Global in completing the acquisition of the Cochrane Cannabis Company or Canmore Cannabis Company as described, or at all, the receipt of all applicable regulatory approvals for the transaction, including the AGLC's approval as required under applicable law, the inability or failure of Unified Global to execute their business and strategic plans as contemplated or at all, changes in national or regional economic, legal, regulatory and competitive conditions and a resurgence in the COVID-19 pandemic.
Other risk factors include: the risks resulting from the US marijuana industry, which may be legal under certain before the state and local laws but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit Unified Global's ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Unified Global to service its current or future debt; Unified Global's ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. Unified Global undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE: Unified Global Corp.
View source version on accesswire.com:
https://www.accesswire.com/669132/Unified-Global-Corp-Signs-Letter-Of-Intent-To-Acquire-Oregon-Vertically-Integrated-Cannabis-Operator
ALERTS100%to10000%GAIN
6 years ago
CHYL very good positive ,,Operating Income
Operating income increased by $82,083, or 591%, to operating income of $68,193 in 2017 from operating loss of $(13,890) in 2016 as a result of the increase of general and administrative expenses.
Income Taxes
There were no income tax expenses incurred in 2017 and 2016.
Net Income
Net income increased by $82,063, or 592%, to net income of $68,197 in 2017 from net loss of $(13,866) in 2016 as a result of the decrease in general and administrative expenses.
https://www.otcmarkets.com/filing/html?id=12997783&guid=ElfZUaA7i-oodyh
ALERTS100%to10000%GAIN
6 years ago
CHYL~~Related Party Receivables
Related party receivables consisted of the following as of December 31, 2017 and 2016:
12/31/2017
12/31/2016
Wu, Jingmeng (1)
$ 1,159,477
$ 945,317
Xianyang Yifuge Elderly Apartment Co., Ltd. (“Xianyang”) (2)
2,936
1,141
$ 1,162,413
$ 946,458
(1) Advances made by the Company to Mr. Wu, Jingmeng. Mr. Wu is the deputy general manager of the Company. The funds was used by Mr. Wu to pay for construction of a second senior home in Xianyang City, Shaanxi Province. The Company will provide management services to this new senior home after the construction is completed. The receivable had no impact on earnings. This balance of related party receivables is unsecured, interest-free and has no fixed terms of repayment. It is neither past due nor impaired. Management believes the amounts are recoverable.
(2) Service fees earned that the Company has not collected as of balance sheet date in connection with the services rendered to Xianyang during the period. The balance of related party receivables is unsecured, interest-free and has no fixed terms of repayment. It is neither past due nor impaired. Management believes that the amount will be repaid in the next billing cycle. Xianyang is controlled by the management of the Company.
ALERTS100%to10000%GAIN
6 years ago
CHYL~~All directors hold office for one-year terms until the election and qualification of their successors. Officers are elected annually by the board of directors and serve at the discretion of the board. The board intends to seek to appoint one or more additional directors who will be independent directors with suitable professional backgrounds.
Jincao Wu has ample experience in senior citizen service and managerial background. She has served as our director and chief executive officer since September 2015. She has also served as the president and chief executive officer of Shaanxi Jinjiangshan, a PRC-based senior living facilities management company, since she founded the company in November 2011. She is also the founder of Yifuge Elderly Apartment, a PRC-based retirement home providing services to the elderly, and has served as its managing director since November 2008. Ms. Wu holds a B.A. in finance from Shaanxi Institute of Finance and Economics.
Zhongyang Shang has ample experience in senior citizen service and business consulting background. He has served as the chairman of our board and director since December 2015, and our president since January 2016. He has also served as director and vice manager of Shaanxi Jinjiangshan since December 2012. From November 2008 to December 2012, Mr. Shang served as the consultant of Yifuge Elderly Apartment. Mr. Shang holds a B.A. in economic management from the Central Party School of the Communist Party of China. Mr. Shang passed away on April 14, 2017.
Meng Wu has acute business sense and entrepreneurial mindset. He has served as our director since December 2015. He has also served as an assistant to the manager of Shaanxi Jinjiangshan since July 2012. Mr. Wu holds a B.A. in administrative management from Shaanxi Normal University.
Xiaobin Chen has 20 years of working experience in finance. He has served as our director since March 22, 2016. He has served as managing partner and accountant of Guangzhou Zhuocheng Certified Public Accountants Co., Ltd., a PRC-based accounting firm. Mr. Chen holds a B.A. in Accounting from Guangzhou University. He is also a certified public accountant, certified practicing valuer, and certified enterprise risk manager in China.
Zhenghua Peng is an expert in finance and was a professor at the Economics and Finance College of Xi'an Jiaotong University (formerly known as Shaanxi Economics Collage) before he retired. He has served as our director since March 22, 2016. Since September 1992, he has served as financial consultant for more than 10 Chinese companies in their join-stock system restructuring and financing, as well as financial consultant for 9 Chinese companies in listing on the OTC markets in the U.S. via reverse merger. Mr. Peng holds a B.A. in Operations and Management from Beijing Jiaotong University.
Liping Cui has almost 20 years of experience in accounting management. She has served as our chief financial director and treasurer since September 2015. She has also served as the chief financial officer of Shaanxi Jinjiangshan since January 2012. From January 2010 to December 2011, Ms. Cui served as the general manager of Xianyang Forestry Supply Co., Ltd., a PRC-based company focuses on the sale of rosin and forest seedling. Ms. Cui holds a B.A. in financial management from Shaanxi University of Science and Technology, and a certificate of intermediate accountant.
ALERTS100%to10000%GAIN
6 years ago
CHYL~~As of December 31, 2017 and December 31, 2016, cash and cash equivalents were $24,962 and $4,270, respectively.
Based upon our present plans, we believe that cash on hand, cash flows from operations and funds available under our bank facilities will be sufficient to fund our capital needs for the next twelve months. However, if available liquidity is not sufficient to meet our operating and loan obligations as they come due, our plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet our cash requirements. There is no assurance that we will be able to raise additional capital or reduce discretionary spending to provide liquidity, if needed. Currently, the capital markets for small capitalization companies are difficult. Thus we cannot be sure of the availability or terms of any alternative financing arrangements.
The following table provides detailed information about our net cash flow for all financial statement periods presented in this report.
For the years ended December 31 ,
(Stated in U.S. dollars)
2017
2016
Net cash flows used in operating activities
(14,553 )
(176,752 )
Net cash flows used in investing activities
-
-
Net cash flows provided by financing activities
33,184
138,174
Effect of foreign currency translation on cash and cash equivalents
2,061
682
Operating Activities
Net cash used in operating activities for the year ended December 31, 2017 was $14,553 and net cash used in operating activities for the year ended December 31, 2016 was $176,752.
ALERTS100%to10000%GAIN
6 years ago
CHYL~~We are currently conducting research on senior living smart management system, which will cover VoIP, perimeter alert, area monitor and control network, electronic patrol network, parking management, intercom, smart furniture integration, and GPS paging system. The system incorporates a universal access card that serves as identification, access control, and integrated payment.
We are also developing a fixed emergency call button which will be installed in living rooms, bedrooms, bathrooms, balconies, and common areas. In the case of emergency, a resident will be able to reach and activate the emergency call button. Control room would be able to receive the message and pinpoint the location to initiate emergency assistance protocols.
ALERTS100%to10000%GAIN
6 years ago
CHYL~~On June 1, 2018, the Company became a majority owner in a PRC corporation, Shaanxi Jinjiangshan Da Jiankang Health Science Development Co., which will build and operate a service platform, providing medical and health care information and integrating resources such as domestic service companies, community management companies, community and rural primary medical institutions, and nursing homes. With such integration, which is supported by innovative big data and cloud computing technologies, we believe that our platform will operate efficiently and will be able to serve as an "intangible and boundless nursing home" covering comprehensive bases, including life caring, domestic services, meal assistance, medical treatment, health care, rehabilitation, nursing, security assistance, psychological consultation and referral.-
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