SANTA ANA, Calif., May 1, 2013 /PRNewswire/ -- Latteno Food Corp. (OTCPink: LATF) issues an operational update on the implementation of its recently announced enhanced business plan and new strategic direction that included a corporate-wide re-branding and the commencement of its pioneering expansion into the exploding new marketplace of medical marijuana and cannabis edibles; as well as the lucrative fresh seafood importation business.
The Company has moved quickly with the implementation of its new initiatives through strategic acquisitions, innovative development projects and tactical licensing arrangements and has substantially grown and strengthened its revenue projections and asset valuation.
Jan. 10, 2013 - New Board and Officers announced a New Business Plan that called for acquisitions and growth in the Medical Marijuana Industry which is currently estimated to be a $1.7 - $2.0 Billion and according to some estimates could be as large $46.2 billion if cannabis were legalized nationally. In addition to current operations, the Company anticipated acquisition of new operations adding over $2,100,000 to the company's growth plan.
Feb. 14, 2013 - Announced that, based on the submission to OTC Markets of the required Initial Company Information and Disclosure Statement and its Initial Financial Disclosure dated December 31, 2012, together with the stipulated Legal Opinion Letter, it has been upgraded by OTC Markets to the highest trading status of "Current Information". By meeting the OTC Markets Group Guidelines for Providing Current Information guidelines, the Company will now be designated by OTC Pink Current Information. And as further evidence of its commitment to eventually becoming a fully reporting entity, the Company has brought its status with the State of Delaware to the Active current level through the completion of the required State filings and fees; and has filed the required Form 15 with the Securities Exchange Commission.
Feb. 27, 2013 - Based on new Business Plan that calls for acquisitions and growth in the Medical Marijuana Industry. In addition to its current operations and prior acquisitions, the Company has formed new partnerships with various medical marijuana dispensaries and edibles that may transform into strategic and acquisition candidates. Management scheduled several site visits and meetings with potential joint venture and acquisition candidates moving forward plans and strategies on how they could fit into the new strategic model.
March 20, 2013 - Announced the signing of LOIs to acquire California-based licensing dispensaries and other food-related businesses. In addition to the medical marijuana edibles business, the company is also branching into the high demand/fast growth market of importing fresh seafood from exclusive distributors in Southeast Asia. Plans for the current year call for a forecasted revenue of at least $2,500,000 and $10,000,000 by year end 2015 which we'll be able to achieve by executing a two-prong strategy of both US and international expansion. The three primary drivers of shareholders value in the growth strategy:
1. Revenue Growth: With 1-2 planned acquisitions in the next 30-60 days, we'll be on our way to achieve our targeted revenue of $2,500,000 by the end of this year.
2. Cash Flow Growth: Maintain profit margins to ensure cash balance is strong in preparation for future partnership and acquisition deals.
3. Positive Return on Investment: Work-in-progress to ensure shareholders will achieve the highest return on investment at all times
March 25, 2013 – Announced the acquisition of California-licensed Green Cannabis Collective Inc. to further expand its medical marijuana edible market. Latteno and Green Cannabis will have research scientists and medical physicians on staff at our Orange County research facilities to conduct ongoing experiment and research on medical marijuana and Oriental herbal medicine to cure terminally ill diseases such as HIV/AIDS and cancer to sick Californians as well as international clients in China and Southeast Asia.
April 2, 2013 - Pursuant to a special meeting of the Board of Directors, the Directors have passed a resolution approving a stock dividend to all stockholders of record. The exact timing and setting of the official record date will be shortly announced pending completion of the requisite resolutions and required filings with FINRA.
April 11, 2013 - Announced that, in addition to the definitive agreement to acquire California-based Green Cannabis Collective Inc., seafood importing acquisition candidates have been selected. In addition to the medical marijuana edibles business, the Company is also branching into the high demand/fast growth market of importing fresh seafood from exclusive distributors in Southeast Asia. Plans for the current year called for a forecasted revenue of at least $2,500,000 and $10,000,000 by year end 2015.
April 25, 2013 – Announced the signing a letter of intent to acquire Mekonza Corp., a seafood importer from Southern California with strong ties and business connection in Vietnam and Southeast Asia.
"We are pleased to make great progress on we have made in the first four months of 2013 and look forward to continued growth and acquisitions on our road to achieve explosive growth via medical marijuana edible and other food-related businesses," stated Thu Le, Chief Executive Officer. "We would like to thank our shareholders for the patience and we look forward to further announcements as the next phases of planned expansion and growth strategy come to fruition."
About Latteno Food Corp. (Latteno.com)
Latteno Food Corp. is an investment portfolio company that acquires food products, medical marijuana edibles and related products/services to enhance their growth and development. The company builds revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and product licensing or distribution agreements.
About Green Cannabis Collective Inc. (Green-Cannabis.com)
A Southern California-owned and licensed medical marijuana dispensary and transporting. The specific purpose of this corporation is to collectively facilitate medical marijuana cultivation and transactions by and between qualified patient members of this corporation and/or primary caregiver members who have the oral or written approval or recommendation of a licensed physician, as permitted and authorized by the Compassionate Use Act of 1996 (Health and Safety Code section 11362.5) and the Medical Marijuana Program Act (Health and Safety Code sections 11362.7 – 11362.83).
About Mekonza Corp. (Mekonza-corp.com)
Headquartered in Southern California since 2006, Global Trading Group (GTG) started out as a luxury/exotic car exporter and eventually branched out into seafood importing which came about Mekonza Seafood. The variety of seafood products we offer has allowed us to be an innovator in product development. The diversity of our products allows us to be the next force-to-be-reckon-with in the seafood industry. Mekonza has grown from a small one-man operation to one of the West Coast's most innovative and well-equipped seafood importing and processing companies. With outstanding customer service as our secret sauce and key ingredient, we're on our way to be the industry's leader committed to achieve the highest possible standards in quality, service to our clients, suppliers and investors.
Safe Harbor Statement
This 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 and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
Contact: Investor Relations (714) 426-2955
SOURCE Latteno Food Corp.