GoIP Global Acquires Apex Extractions; Apex Closes 2019 With $5.6 Million in Revenues
Sales for 2019 were $5.6 million and are on course to double revenue in 2020.
NEW YORK, NY, Jan. 23, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GoIP Global, Inc. (symbol GOIG.pk ) announced today that the Company has entered into a Share Acquisition Agreement with Apex Extractions LLC, an Oakland, California-based Cannabis extraction facility. Apex is a licensed regulated Cannabis extractor in California, selling their products to 175 California wholesalers and licensed dispensaries, under their own Brand Name and white labels for others. Sales for 2019 were $5.6 million and are on course to double revenue in 2020. Pursuant to the agreement, at closing, Isaac H. Sutton, the Company's current CEO, will resign and Scott Benson, Apex’s current CEO, will be the Company's new CEO. Apex current Shareholders will receive GoIP Preferred shares. The transaction is anticipated to close within the next 60 days, subject to the conditions precedent to closing being completed.
Isaac H. Sutton, GoIP’s CEO, stated, “This acquisition brings a solid company, with real prospects and a quality management team to GoIP. Apex’s team have proven themselves over the last 3 years, producing quality products which have garnered 8 Cannabis Cups in 2019. The Company has achieved multi-million dollars sales in a market that is challenged with regulations and strict compliance. Apex is positioned for major 2020 expansion within California and possibly other states. We are looking forward to their continued success.”
Apex’s CEO Scott Benson commented, “Apex has been looking for a platform like GoIP for several months. We have tremendous potential for organic growth in our current market, the ability to expand our model in additional states and develop into a true industry leader. We are looking forward to being a public company and driving value for our shareholders.”
About Apex Extractions LLC www.apexextractions.com/
Founded in January 2018, Apex Extractions was one of the first licensed cannabis manufacturers established when it was legalized in the state of California. In 2019, Apex Extractions' concentrates and pens have won 8 Cannabis Cups. Apex’s mission is to create the highest quality, most consistent cannabis experience available, while also providing unmatched value to their customers and partners. Apex expert extractors work hand-in-hand with their cultivation partners to preserve the full spectrum of the plant’s properties, creating the purest form of cannabis available, at an incredible price point.
Apex Extractions has offices in Los Angeles & Oakland, California. Apex products can be found at hundreds of dispensaries across the state. License # CDPH-10002456.
Safe Harbor Statement Information in this news release may contain statements about future expectations, plans, prospects or performance of GoIP Global, 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. GoIP Global, Inc. cautions you that any forward-looking information provided by or on behalf of GoIP Global, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. GoIP Global, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond GoIP Global, Inc.'s control. In addition to those discussed in GoIP Global, Inc.'s press releases, public filings, and statements by GoIP Global, Inc.'s management, including, but not limited to, GoIP Global, Inc.'s estimate of the sufficiency of its existing capital resources, GoIP Global, Inc.'s ability to raise additional capital to fund future operations, GoIP Global, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match GoIP Global, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. GoIP Global, Inc. 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 or to reflect the occurrence of unanticipated events.
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