FutureWorld Corp (OTCMKTS:FWDG) a prominent company designing advanced technologies and solutions for the cannabis industry, disclosed that Aegea Inc. purchased 100% stake of FutureLand Properties, LLC. The deal was valued at $1.20 billion in stock. FutureLand is a wholly owned subsidiary arm of the company.
FutureWorld said that the final valuation of the new entity will be assessed by a third party accounting entity. As of now, FutureLand current assets comprise 240 acres of property based in southern Colorado. There are two signed lease agreements for grow facilities on mentioned property in Southern Colorado.
FutureWorld confirmed that there are no disagreements and material relationships between the two parties. Any insiders, or Mr. Talari and Talari Industries don’t have any ownership or relationship with the other party. As per the agreement, after post reverse, The Aegea Holders will get 4.9% of the resulting issued and outstanding common shares. Also, FutureWorld holders will be eligible to get a part of shares greater or equivalent to 94% of the buyer’s outstanding common shares after the completion of reverse division.
The issuance of common shares
FutureWorld stated that the common shares will be issued after post reverse division. The holders will get 28.2 million shares of the newly issued Common stock. The task of final valuation is assigned to a third-party accounting firm. The company also stated that the board of directors purchased the assets and corporation in lieu for the shares to be issued.
FutureWorld said that the sale of subsidiary will increase value for the shareholders. The new business model aims to separate subsidiaries. It will lead to additional cash and marketable securities to pay dividends and fuel corporate growth. The sale will have a positive impact on balance sheet and overall financial status of the company.
On Friday, FutureWorld Corp (OTCMKTS:FWDG) stock surged 14.81% to close at $0.0031, with 9.4 million shares traded.