NEWPORT BEACH, Calif., Aug. 6, 2012 /PRNewswire/ -- SearchCore, Inc. (OTCBB: SRER), (OTCQX: SRER), a technology-based Internet marketing services company that connects consumers with brands, products and services, today announced the resignations of President, Chief Strategy Officer and Board member Doug Francis and Chief Web Officer Justin Hartfield.
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Doug Francis and Justin Hartfield co-founded SearchCore subsidiary WeedMaps Media in 2010, developing a robust technology platform which can be leveraged to create similarly successful finder sites in verticals beyond the cannabis industry. This technology and the success of WeedMaps have helped attract an outstanding technology development team to the company.
Pursuant to the registration agreements, SearchCore purchased approximately 40 million shares of its common stock from Francis and Hartfield, reducing its total shares of common stock outstanding to 43.4 million shares. The shares will be held in escrow and distributed incrementally over a 21-month period.
Following his departure from SearchCore, Justin Hartfield plans to devote full-time to his role as Executive Vice President of The Prometheus Institute, a position he has held since 2003. The Prometheus Institute is a 501©(3) not-for-profit think tank which Hartfield helped co-found in 2003. Its Do-It-Yourself (DIY) Democracy app is a software platform that revolutionizes the way citizens interact with their government. Hartfield will be joined by departing SearchCore President Doug Francis, who will also assume responsibilities with The Prometheus Institute.
"As SearchCore continues to strategically diversify its platform to address a broad range of active lifestyle verticals beyond medical cannabis, I have decided to pursue my personal interests in public policy development and reducing the burden of government on the people," said Doug Francis. "SearchCore is an outstanding organization and I have no doubt that it will continue to successfully expand its proven business model into a wide array of internet-supported market niches."
Justin Hartfield stated, "While it's always difficult to leave something you helped create, I'm following my passion of increasing personal liberties through technology. In my next role, I will continue to fight for the legalization of marijuana as well as the right for patients to have easy, local access to medical marijuana. I'm confident SearchCore will continue to diversify and grow simply due to the quality and devotion of the talented people behind the vision. It's been an amazing few years helping to build this company from scratch and I wish the current SearchCore team nothing but continued success."
SearchCore CEO Jim Pakulis said, "Doug and Justin leave behind a legacy of innovation and customer focus that helped shape our culture of social entrepreneurialism that began years ago and continues to grow even stronger today. I wish them every success in their future endeavors and likewise have great confidence in the enormous future potential of SearchCore as a well-diversified Internet marketing business."
About SearchCore, Inc.
SearchCore, Inc., formerly General Cannabis, Inc., is a technology-based Internet marketing services company that offers customers an integrated suite of services including media, technology, marketing and information. Founded in 2010, SearchCore is headquartered in Newport Beach, California. The Company's common stock trades on the OTC market's highest tier, OTCQX, under the ticker symbol "SRER." www.SearchCore.com
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). SearchCore, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. SearchCore, Inc. undertakes no obligation to revise these statements following the date of this news release.
SOURCE SearchCore, Inc.
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