1606 Corp. Signs LOI to Be Acquired by Private Group SEATTLE, WASHINGTON / ACCESS Newswire / March 11, 2025 / (OTC Pink:CBDW), a pioneer in AI-powered IR, is pleased to announce that it has signed a non-binding Letter of Intent (LOI) with a private group led by Jon Garfield and Chuck Arnold which is focused on acquiring waste management companies, to acquire a controlling position in the Company for $1 million. This agreement marks a significant milestone for 1606 Corp. as the group moves to acquire a controlling position in the Company for $1 million, with consideration specifics to be negotiated at a later date in definitive agreements. It is anticipated that key management within 1606 Corp. will remain with the Company post-acquisition.
In addition to the purchase of a proposed controlling position in 1606 Corp, Messrs. Arnold and Garfield have unveiled plans to begin acquiring waste management companies as part of their strategy to consolidate smaller firms within the market. This move aligns with their broader vision to expand into new markets and capitalize on the growing demand for sustainable and efficient waste management solutions. 1606 Corp's existing AI solutions would also be leveraged to further enhance the waste management industry.
The non-binding LOI outlines the terms under which the group will pursue the acquisition of 1606 Corp, with the goal of utilizing the Company's expertise and resources to drive growth and deliver greater value to stakeholders. The transaction, which is subject to customary due diligence, regulatory approvals, and execution of definitive agreements, is expected to close in the coming months.
The acquisition of the controlling position would provide the group with a public company to expand into waste management, while enabling them to tap into an industry that is vital to environmental sustainability and urban development. The group would also use 1606 Corp.'s AI technologies to innovate within the waste management sector.
1606 has developed a cutting-edge AI platform and launched successful applications across a range of industries, including CBD, public companies, and other verticals. The platform is now poised for expansion into the waste management sector, where we aim to pioneer new technologies for waste stream separation and the management of a nationwide fleet of trucks. Our AI platform continues to attract strategic partners, offering them the opportunity to leverage advanced AI to maximize their market potential and drive innovation in their industries.
We believe this proposed acquisition of a controlling position would position 1606 Corp. for continued success, with a strong commitment to preserving its culture and building upon its existing strengths. Messrs. Arnold and Garfield believe that their strategic vision would drive substantial growth, create new opportunities, and elevate 1606 Corp.'s standing in the market.
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