TAMPA, Fla., Dec. 6, 2016 /PRNewswire/ -- PPJ Healthcare Enterprises, Inc. (the "Company") (OTC Pink: PPJE) announced today that on Dec. 5, 2016, it entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with GPL Ventures LLC ("GPL"). Pursuant to the Securities Purchase Agreement, the Company, at its sole and exclusive option, may issue and sell to GPL, from time to time as provided therein, and GPL may purchase from the Company shares of the Company's common stock ("Shares") equal to a value of up to Five Million Dollars ($5,000,000) when the Company has qualified the Shares under Regulation A.
Subject to the terms and conditions of the Securities Purchase Agreement, the Company, at its option, may issue and sell to GPL, and GPL may purchase from the Company, the Shares upon the Company's delivery of written notices to GPL and subject to agreement by the parties on pricing. The aggregate maximum amount of all purchases that GPL may make under the Securities Purchase Agreement shall not exceed $5 million. Once a written notice is received by GPL, it shall not be terminated, withdrawn or otherwise revoked by the Company. GPL is not obligated to purchase any Shares unless and until the Company has qualified the Shares pursuant to an offering statement on Form 1-A (or on such other form as is available to the Company), which is required to be effective within six months of the execution of the Agreement.
Additionally, on Dec. 5, 2016, the Company issued to GPL a Convertible Promissory Note (the "Note") in the principal amount of $50,000 as payment of a commitment fee to induce GPL to enter into the Agreements. The Note accrues interest at the rate of five percent (5%) per annum and is due in full on or before Dec. 5, 2017. The Note also prohibits prepayment of the principal. GPL has the right to convert all or any portion of the note balance at any time at a conversion price per share of seventy percent (70%) of the lowest Trading Price during the Valuation Period (as defined and calculated pursuant to the Note), which is adjustable in accordance with the Note terms in the event certain capital reorganization, merger, or liquidity events of the Company as further described in the Note.
"We are very excited to have this investment agreement in place as a primary funding vehicle for the company" said Chandana Basu, CEO of PPJ Healthcare Enterprises. "PPJE plans to use this initial capital for the growth of our pure cannabis-infused edible business, our medical practice management and billing software and other healthcare service-related business.
"This will be key for us and our investors as we expand the business plan for PPJE to account for industry changes as well as the expansion of legalized medicinal and recreational marijuana use."
As always, PPJE management advises shareholders, company followers and prospective investors to contact their financial advisors if they have questions or concerns about their individual accounts and investment choices. Regarding other news and events, the company reminds its followers to monitor OTC Markets filings tab for further newsworthy events and corporate updates, which will follow as they happen (http://www.ppjenterprise.com).
This is not an offering or a solicitation to buy any securities. No money or other consideration is being solicited, and if sent, will not be accepted; no sales will be made or commitments to purchase accepted until an offering statement is qualified; and a prospective purchaser's indication of interest is non-binding.
Information in this release may contain statements about future expectations, plans, prospects or performance of PPJ Healthcare Enterprises Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. PPJ Healthcare Enterprises cautions you that any forward-looking information provided by or on behalf of PPJ Enterprise is not a guarantee of future performance. None of the information in this press release constituted or is intended as an offer to sell securities or investment advice of any kind. PPJ Healthcare Enterprises' actual results may differ materially from those anticipated in such forward-looking statements because of various important factors, some of which are beyond PPJ Enterprise's control. In addition to those discussed in PPJ Healthcare Enterprises' press releases, public filings and statements by PPJ Healthcare Enterprises' management, including, but not limited to, PPJ Healthcare Enterprises' estimate of sufficiency of its existing capital resources, PPJ Healthcare Enterprises' ability to raise additional capital to fund future operations, PPJ Healthcare Enterprises' ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match PPJ Healthcare Enterprises' capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. PPJ Healthcare Enterprises does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made to reflect the occurrence of unanticipated events.
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SOURCE PPJ Healthcare Enterprises, Inc.