FutureWorld Corp (OTCMKTS:FWDG) a leading company offering advanced technologies and solutions to the cannabis industry, informed that Aegea Inc. bought 100% stake of FutureLand Properties, LLC. For $1.20 billion in new issued common stock. It is a wholly owned subsidiary of the company. The final valuation of the surviving entity will be evaluated by a third party accounting firm. The company’s current assets include 240 acres of property in southern Colorado. It covers two signed lease deals for grow facilities on its property in Southern Colorado.
FutureWorld stated that there are no conflicts and material relationships between the parties. Any insides of the company, or Mr. Talari and Talari Industries have no ownership or relationship of the other party of this deal. As per the deal, after post reverse division, The Aegea Holders will hold 4.9% of the resulting outstanding and issued common shares for one year post reverse division. Also, FutureWorld Corp Holders will receive a part of shares equivalent or greater to 94% of the Aegea’s outstanding common shares after such reverse division occurs.
The agreement details
FutureWorld said that issuance of common shares will be done post reverse division. The company’s Holders will receive 28.2 million shares of the new issued Common stock. The final valuation will be done by a third party accounting firm. The board of directors, after director change, bought the assets and corporation from FutureWorld in lieu for the shares to be issued. It will be distributed by the company.
The sale and the transaction
FutureWorld said that the deal will add value for the shareholders by separating subsidiaries as per the business model. It will provide access to cash and marketable securities for dividend and corporate growth purposes. The agreement will further improve balance sheet and overall financial performance of the company.
In last trading session, FutureWorld Corp (OTCMKTS:FWDG) stock declined more than 18% to close at $0.00270, with 29.32 million shares traded.