DALLAS, Texas, November 1, 2016 /PRNewswire/ --
North American Cannabis Holdings, Inc. (USMJ) today announced entering into a Letter of Intent agreement with Alternet Systems, Inc. (ALYI). The agreement is a preliminary step toward a more comprehensive contract whereby Alternet would acquire from North American Cannabis Holdings select assets intended to enable Alternet to introduce a cannabis retail payment system. The intended comprehensive agreement between the two companies includes a contemplated dividend issuance of Alternet common stock to the shareholders of North American Cannabis Holdings.
North American Cannabis Holdings entered the cannabis sector in 2013 with a strategy to pilot various cannabis sector enterprises. The Company planned to facilitate the financing necessary to expand successful pilot projects by spinning graduating projects off into standalone public companies. The first spinoff was executed last year when Puration, Inc. (PURA) acquired graduating pilot project assets from North American Cannabis Holdings in exchange for Puration preferred stock. A portion of the Puration preferred stock was designated for conversion into common stock and issuance to North American Cannabis Holdings shareholders. The Puration spinoff and dividend is in general a template for the contemplated transaction between North American Cannabis Holdings and Alternet.
Alternet has a long-term track record in developing innovative financial services industry software solutions. Alternet continues today in an effort toward developing and commercializing a growing portfolio of digital commerce technologies. Most recently, Alternet has concentrated on Data Analytics. Very similar to the approach the Company is currently utilizing to develop its Data Analytics solution, Alternet recently developed a previous financial services solution, later selling that solution and realizing a 47% ROI. That same management is now developing the Data Analytics centric solution.
In addition to Alternet's comprehensive financial software industry experience, North American Cannabis Holdings specifically saw Alternet's recent focus on data analytics as a potential differentiator in a retail cannabis payment system.
To learn more about North American Cannabis Holdings: growusmj.com.
Follow the Company on Twitter: US_HEMP
To learn more about Alternet Systems: alternetsystems.com
Follow the Company on Twitter: AlternetSystems
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE North American Cannabis Holdings, Inc. & Alternet Systems, Inc.