FAIRFAX, Va. and LOS ANGELES, March 31, 2014 /PRNewswire/ -- Next Generation Energy Corp. (OTCQB:NGMC) today announced that it has signed a Letter of Intent (LOI) for its wholly owned subsidiary, Nextgen Cannabis Consulting, LLC, to purchase 20 percent of the Capital Stock of Greens R US, Inc., a private company that operates a medical marijuana dispensary in Los Angeles.
"This is part of our very sophisticated business plan to enter the Medical Marijuana industry, a very exciting new sector," said Darryl Reed, CEO. The Company also earlier announced its intention to open a flagship Medical Marijuana Dispensary in Southern California.
The parties to the LOI anticipate closing the transaction on or before April 30, 2014. The agreement is subject to the approval of Next Generation's Board of Directors. "The growth opportunities in the Medical Marijuana industry are enormous, We believe that more cities and states are going to approve the use of marijuana for patients and we plan to be very aggressive in putting our footprint into this industry, including making our Company a national brand," Mr. Reed said.
("Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.)
Contact: Paul Knopick
E & E Communications
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SOURCE Next Generation Energy Corp.
