- Action significantly improves balance sheet
PLACERVILLE, CA, May 21, 2015 /PRNewswire/ - iMD Companies, Inc. (OTC:ICBU) has completed the sale of two of its three operating divisions, OMI and PCI Heartscan, to an investor group for $ 548,000.
"The disposition of these operations is in line with the company business plan, which calls for iMD management to be aggressive in its search for acquisitions and joint ventures in the Hydroponics Industry. After careful and deliberate negotiations, the companies reached an agreement to sell these assets to an investor group led by the former owners of these assets for the cancellation of $ 548,000 in debt. This debt reduction reduces the overall debt of iMD Companies by approximately 50% and positions iMD for rapid future growth and greater shareholder value", stated Larry Robertson, President of iMD Companies.
Due to the sale of OMI and PCI Heartscan and for the reduction of debt in iMD companies, the Board of Directors of the subsidiaries OMI and PCI Heartscan have decided not to award a private dividend of OMI stock to the shareholders of iMD Companies. This cancelled the previous dividend announcement from December 2014. The reduction in debt is a great benefit to iMD and increases the book value of the company.
In March, iMD announced the opening of our online store, www.imdmeds.com, where individuals are able to purchase high quality Cannabidiol (CBD) Hemp Oil products. Currently there are 16 CBD products that can be purchased through the store. Our CBD Hemp oils contain the highest quality CBD oil in the industry as the oils are 100% natural and originate from expertly cultured Hemp plants.
About iMD Companies, Inc.
iMD Companies, Inc., (OTC MARKETS: ICBU) is a Florida corporation, engaged in the manufacturing, marketing, and distribution of equipment for the hydroponics industry. The company has recently re-positioned itself to become a holding company for acquisitions in the Hydroponics related industries. Prior acquisitions in these areas include a majority stake in R-Quest Hydroponics Inc. from Anything Technologies Media (EXMT) and Lumz'n Blooms, Ltd., a Manufacturer of Indoor Gardening and Hydroponics Equipment. The company and the principals of the management team have extensive backgrounds in finance, manufacturing, marketing and distribution. iMD's goal is to create and increase shareholder value by tactically growing our core Hydroponics business while strategically seeking to acquire new businesses and create additional business alliances that will generate increased revenues and earnings. www.imdcompanies.com
About R-Quest Hydroponics, Inc.
R-Quest Hydroponics, Inc. is a Hardware and Software Manufacturing Company headquartered in Placerville, California. R-Quest Hydroponics, Inc. has developed the new Environmental Master Controller EMC-5000 system, which is able to provide constant management for grow room facilities for indoor gardens. The EMC-5000 was developed so that growers can rest easy with the confidence that their crop is in excellent hands. The EMC-5000 is able to regulate and control all aspects of an indoor grow system, including Light cycles to optimize growth, Fans, Nutrient pumps, and CO2 level controls to help manage grow rooms. To see more information on the EMC-5000 go to www.r-questhydro.com.
SAFE HARBOR STATEMENT
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
SOURCE IMD Companies, Inc.