Hop-on Provides Corporate Update
Re-Medical Establishes Subsidiary in Colorado to Penetrate the 2014 Gold Rush Cannabis Market
TEMECULA, Calif., March 14, 2014 /PRNewswire/ -- Hop-on, Inc. (OTCMarkets/Pinksheets: HPNN) today is announcing its market roundup. Market makers are short over 2.5 billion shares in Hop-on common stock. Our stock price has risen over 500% within the last 30 days. The Company announced no reverse split of its stock. Hop-on reduced its debt load by USD $1,000,000 without any dilution to its shareholders. The Company has compressed the common shares by eliminating the reserve shares due to preferred shareholders and will be returning hundreds of millions of shares to treasury, as the preferred shareholders have elected to hold their shares for one year without any conversion.
This week the Company announced that a Letter of Intent with a Chinese Manufacturer has been signed for over USD $100,000,000 in revenue. Under that LOI, Hop-on will be receiving an initial payment of USD $150,000 from the Chinese Manufacturer, and is not required to finance any aspect of the deal. This alleviates Hop-on from the costly needs of prototyping, tooling, testing, software integration, manufacturing, facilities, personnel, packaging, distribution, marketing, warranty repair, etc. for the smart phones, tablets and eReaders that will be produced for Hop-on utilizing its IPR licenses. This is the first of several potential intellectual property rights royalty contracts that Hop-on is working on.
Also discussed on the conference call that took place yesterday were the developments in Colorado. Re-Medical, Inc formed a new corporation, Re-Medical of Colorado. This new entity will be filing the requisite paperwork to be in compliance with Colorado laws and regulations regarding cannabis products, with the intent to manufacture and distribute its cannabis transdermal patches to all dispensaries in Colorado. The Company has identified another twenty states in which it can mirror this highly profitable patent pending business model.
Peter Michaels, President of Hop-on and its subsidiaries, stated "With the new regulatory climate in various markets within the United States, a clear demand from providers and their consumers, and Hop-on's tradition of rapid innovation and meeting market needs, we believe we are poised to provide great value to the public and our shareholders. We are looking forward to the continuing evolution of the regulatory environment and to permission from state regulators on the licensing of our products."
ABOUT HOP-ON, INC.
Hop-on, Inc. (HPNN.PK) is a global ODM and OEM manufacturer of electronics, based in the United States. Over the past 20 years, Hop-on has successfully secured essential patents for mobile communications and computing technologies, and is respected for developing the world's first disposable cell phone. Hop-on's focus on smartphones and innovative mobile device applications is bringing cost friendly solutions to today's demanding world market. Hop-on is also diversified in delivering cannabis remedies. For more information, please visit www.hop-on.com, www.re-medical.com and www.usacig.com
This press release contains forward looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include risks and uncertainties that may cause the company's plans to change and are in no way intended to guarantee that the company will be successful in executing its plans. Hop-on, Inc. common stock currently trades on the over-the-counter "Pink Sheets" under the symbol HPNN. This press release in no way constitutes any recommendation regarding the securities of HPNN or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all facts and circumstances regarding the business and financial condition and prospects of HPNN, and no inference has been made that this release contains all such information.
For additional information, please contact Peter Michaels: (949) 756-9008
Read more news from Hop-on, Inc.
SOURCE Hop-on, Inc.