|ECGI to Reorganize as Elite Cannabis Group, Targeting Special Acquisition Model - Emphasis Cannabis Delivery and Cultivation|
LOS ANGELES, Jan. 19, 2021 (GLOBE NEWSWIRE) -- via InvestorWire - ECGI Holdings, Inc. ("ECGI" or the "Company") (OTC PINK: ECGI), today announces a realignment of its corporate strategy toward an acquisition model within the fast-growing legal cannabis marketplace. The Company will target the entry into selected California cannabis business areas that can be successfully expanded into a national footprint. Over the coming weeks, the board of directors of the Company plans to announce a new management team that has considerable experience in the regulated portion of the California cannabis marketplace.
"The first task of the new management team will be to update all required filings and solidify the offer on our first cannabis real estate and licensed business operation," commented Company Chairman, William Chung. "With our first acquisition offer out, we will then work to solidify a new network of investors to fund our real estate properties and operations. Our business and acquisition emphasis will be primarily on real estate properties licensed with cannabis cultivation, manufacturing, distribution and delivery service operations, where we can implement selected vertical integration to reduce costs across the entire business spectrum. We are also interested in acquiring properties zoned for cannabis cultivation and processing that have excellent chances to be granted state and local permits. We believe such properties will rise in value as the size of the overall cannabis market increases and as local jurisdictions decrease license issuance rates."
With a change in control of both the White House and the U.S. Senate, the Company believes the national de-scheduling of cannabis will begin later in 2021, thus creating significant opportunities for the industry's market participants, especially those with business operations and experience that can be leveraged across a national geography. The Company plans to take this nationalization view into consideration when selecting cannabis business acquisition targets.
ECGI also announces its intention to change its corporate identity to Elite Cannabis Group, Inc. The Company plans to retain its Nevada corporate business registration but will physically operate out of new offices in the Los Angeles, California, area.
"The cannabis markets are especially dynamic at present, which is creating substantial opportunities to acquire and operate cannabis cultivation, processing and delivery services," Chung continued. "We have our sights on several of these properties, and we will be working toward definitive agreements. In the meantime, our investors can expect to see us announce our new management team over the coming weeks."
About ECGI Holding, Inc.
ECGI Holdings, Inc, which plans to operate as Elite Cannabis Group, is reorganizing as an acquisition-oriented corporation with targets of California distressed cannabis assets, properties zoned for cannabis cultivation and process, and cannabis companies operating in market sectors with national expansion possibilities. Additional information on the Company can be gained by contacting firstname.lastname@example.org.
This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.
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SOURCE: ECGI HOLDINGS, INC.
|1/19/2021 9:30:00 AM