Worlds Online Signs LOI to Acquire Sigal Consulting, Diversify Into Licensed Medical Marijuana
BOSTON, MA -- (Marketwired) -- 04/16/14 -- Worlds Online Inc. (OTCBB: WORX) ("WORX") has signed a Letter of Intent (LOI) to acquire Sigal Consulting LLC ("Sigal"). The proposed acquisition would diversify WORX's operational business into the growing licensed medical marijuana industry, a result of WORX's exploration of new business opportunities to create value for its shareholders.
Sigal Consulting, a Massachusetts-based industry leader for the last four years in the development of medical marijuana facilities, has extensive experience and knowledge of licensing, development, cultivation, operations, security, healthcare, and financing. The Sigal Consulting team developed The Thomas C. Slater Compassion Center, a state of the art, regulatory-compliant and fully operational cultivation and medical marijuana dispensary in Providence, Rhode Island. The Sigal team designed this facility and its operations as a replicable model of excellence for other medical marijuana centers to be developed as additional states approve these facilities around the country. The Sigal Consulting team is either currently expanding and/or planning to expand its services to applicants and license holders in additional states, including Massachusetts, Illinois, Nevada and Florida.
"Based on Sigal's validated business model, its proven professional management, and the rapidly growing number of states approving licensure for medical marijuana, our board of directors, acting through its independent directors, has determined that diversifying WORX through the establishment of a new subsidiary called Marimed Advisors, Inc. and the acquisition of Sigal Consulting LLC, would be in the best interest of our shareholders," stated Thom Kidrin, CEO of Worlds Online. "ArcView Market Research projects the legal marijuana market will grow to $10.2 billion by 2018. Therefore, we believe that entering this market at this time, in partnership with this experienced team, would enhance shareholder value."
"The licensed medical marijuana industry is rapidly expanding throughout the country into states with no professional local expertise," noted Robert Firemen, CEO of Sigal Consulting LLC. "I believe that the opportunity to provide programs and services to the hundreds of new licensed facilities is potentially very significant. These healthcare facilities need to produce and deliver safe medical cannabis to thousands of patients with debilitating illnesses. Sigal Consulting has determined that a strategic alliance with WORX that provides Sigal access to capital markets affords Sigal's and WORX's shareholders an opportunity for dramatic growth in this developing market."
The parties have agreed to promptly work towards completing secondary level due diligence and entry into a definitive acquisition agreement. No assurance can be given that the parties will actually complete the contemplated transaction.
About Worlds Online Inc.:
Worlds Online is a 3D social network technology platform focusing on the development of virtual worlds, establishing strategic partnerships and pursuing synergistic next gen social network technology acquisitions related to online virtual world properties, technology platforms or development of mobile content, casual games, virtual currency/ micro transactions, online advertising and e-learning. For more information visit www.worldsonline.com.
About Sigal Consulting LLC:
Sigal Consulting LLC was formed to capitalize on the opportunities available in the emerging medical marijuana Industry across America. The developing array of legislative legalization of medical marijuana and the regulatory environment overseeing the growing and dispensing process is creating a major opportunity in an emerging industry in the United States. Sigal believes it can become one of the leading providers, as its established legal & regulatory compliance capabilities and its proven operating systems become a model for industry growth.
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to Worlds Online Inc. that is based on the beliefs of Worlds Online management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the economic environment and changes in technology. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "planned, "estimated," "preparing," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements.
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Source: Worlds Online Inc.
Released April 16, 2014