FutureWorld Corp (OTCMKTS:FWDG) a well-known firm designing advanced technologies and offerings for the nascent cannabis industry, said that Aegea Inc. completed acquisition of FutureLand Properties, LLC. The acquisition deal was finalized for $1.20 billion in stock. Aegea bought 100% stake in the subsidiary company.
Third-party accounting
FutureWorld said that the final assessment of the new unit will be done by a third party accounting firm. As of now, the total current assets of FutureLand include 240 acres of property located in southern Colorado. The Southern Colorado property has two signed lease deals for cultivation properties.
The sale
FutureWorld disclosed that there are no differences and material affairs between the two parties. It confirmed that Mr. Talari and Talari Industries or any insiders don’t have any ownership or connection with the other party. Under the new agreement, The Aegea shareholders will be eligible to get 4.9% of the issued and outstanding common shares. It will be applicable after post reverse. The shareholders of FutureWorld will be entitled to get a part of shares more than or equivalent to 94% of the Aegea’s outstanding common shares after the close of reverse division.
Post-reverse
FutureWorld confirmed that the common shares will be allocated after post reverse completes. The holders will be entitled to get 28.2 million shares of the new entity’s issued Common stock. All the activities related to closing assessment are given to a third-party accounting firm. The company also confirmed that the board bought the assets and corporation for the shares to be issued.
The significance
As per the management of FutureWorld Corp (OTCMKTS:FWDG), the sale agreement will be accretive and enhance value for the shareholders. The company designed new business model to separate subsidiaries. The sale will result in additional liquidity and increase in marketable securities. The main objective is to pay dividends and support overall corporate growth.
