SANTA MONICA, Calif., April 30, 2015 /PRNewswire/ -- Wanderport Corporation (OTC Markets: WDRP) is pleased to announce today that the Company had signed the Asset Purchase Agreement to acquire key assets of CannaLife's primary distributor, Titan Distributing.
Subsequent to the Letter of Intent, the parties agreed to change the transaction from an equity purchase to an asset purchase. Under the terms of the agreement, the Company will not assume any liabilities and will receive:
- All of Titan's accounts and distributors in the State of Colorado, New Mexico, California, Oregon and Washington
- Exclusive distribution rights in Colorado, Oregon and Washington
- Brokerage fees for all national accounts secured for CannaLife
- Preferred product pricing
- Option to purchase up to five percent equity in CannaLife
The Company is continuing its discussion with CannaLife on additional partnership arrangements which include but not limited to operations, resource management, marketing, business development and a larger equity stake in CannaLife.
"We are pleased to have reached this important milestone which allows us to play a bigger role in the distribution of Canna Energy," said Eric Brown, CEO of Wanderport Corporation. "This will strengthen our position as a CannaLife's Master Distributor and set the foundation for which our two companies to work more efficiently together to grow the brand," added Brown.
About CannaLife USA, Ltd.
CannaLife is a manufacturer and distributor of Canna Energy, a THC free hemp supplement beverage. For more information, please visit http://www.cannagetsome.com.
About Wanderport Corporation
Wanderport Corporation is premier distributor of food, beverages and consumer products with a focus on industrial hemp. For more information, please visit http://www.wanderportcorp.com. Facebook: wanderportcorporation. Twitter: @wanderportcorp.
Statements made herein constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services to be offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating efforts. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of the business operations of Wanderport Corporation, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are predictions and involve known and unknown risks, uncertainties and other factors, including the risk that Wanderport Corporation cannot execute its business plan for lack of capital or other resources, distribution, licensing/acquisition opportunities or internal partnering issues or restructuring/resignation which may modify existing licensing agreement, arrangements and/or contractual obligations, as well as the risks described in the periodic disclosure documents filed on OTCMarkets.com. Any of these risks could cause Wanderport Corporation or its industry's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements in this press release.
Eric Brown, CEO
SOURCE Wanderport Corporation