Bahamas Development continues to push forward its Merger with Global Consortium, Inc.
- 2 new Board members added
- BDCI Board approves $26 million transaction
- Name change filed with Nevada
COCONUT CREEK, Fla., Sept. 28, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Bahamas Development Corporation () is finalizing its acquisition of its affiliate company Global Consortium, Inc. dba Cannabis Consortium, Inc. through a reverse merger.
Bahamas Development recently added two new independent directors to its Board. Earlier this week, a vote was held and the new member unanimously approved the transaction valued at $26 million dollars.
The transaction value is based on the conservative revenue potential of each entity including pending Letters of Intent for Indulge, future orders for Infused and the earning potential of the Hemp farms in Colorado.
| Indulge Oils | $10,000,000 | |
| Infused Edibles | $6,000,000 | |
| Hemp Farm | $10,000,000 | |
As a condition of closing, Bahamas Development must change its name to Global Consortium Inc. The filing has already been submitted with the State of NV and the Company is now known as Global Consortium, Inc. The filing with FINRA to change the name and obtain a new ticker will be made next week.
More updates coming next week including the official execution of the Merger Documents. The 3rd quarter financials will still be filed on a consolidated basis between Global and BDCI.
Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of services and equipment markets, release of corporate apps, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also consider that any investment in securities is at risk.
Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure on .
For additional information about this release, please contact:
Investor Relations:
Matt Dwyer
954-906-0098
