CAMARILLO, Calif., Oct. 17, 2016 /PRNewswire/ -- International Card Establishment (OTC: ICRD) a financial service provider for dispensaries and its subsidiary Green Cush is the subject of a buyout offer from Vikram Financial LTD.
The unsolicited offer for the purchase Green Cush for total of $2,300,000 from Vikram Financial LTD, headquartered in India. Vikram is interested in iCard's closed loop payment system and wants expand its operations into the marijuana dispensary sector.
The company's core business is providing credit card processing, point of sale systems and online services for business providing legal and recreational marijuana across five states. "This offer was wholly unexpected, but shows just how much potential our current projects have," states CEO Bill Lopshire.
Both parties in the negotiation are finalizing details with their respective teams and boards in order to map details of the sale. iCard said its attorneys have evaluated this offer and have concluded Vikram has the ability and wherewithal to close in a timely manner. "This large influx of capital will allow us to expand quickly and into more areas in our target sector," states Bill Lopshire. "Our main concern is making sure our shareholders are taken care of for their patience and support."
Once the sale is finalized iCard plans to issue a shareholder dividend of .015 per share for shareholders of record as of 10/24/16 which is the scheduled sale closing date. iCard plans to issue additional shareholder update by the end of the week with additional details.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of International Card Establishment to be materially different from the statements made herein.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/international-card-establishment-announces-intention-to-sell-green-cush-closed-loop-system-300345622.html
SOURCE International Card Establishment