CHICAGO, July 24, 2014 (GLOBE NEWSWIRE) -- ID Global Corp. (OTC:IDGC) is pleased to provide an update pursuant to the execution of the LOI announced on July 23, 2014.
The letter of intent is at least partially binding and subject to due-diligence. However, the following covenants are binding legal obligations and are not subject to due diligence:
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$20,000 Deposit to be provided by IDGC for a 5-acre parcel of land with plans to construct a 20,000 sq. ft. facility.
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IDGC shall have access to, and have an unrestricted right to use otherwise confidential information of this established Medical Marijuana grower in Vancouver BC, Canada, consisting of intellectual property rights, related to but not limited to the growing of marijuana in a highly efficacious manner, as illustrated in its current business plan and to be further developed by IDGC, coupled with the potential filing of an S-1 for this marijuana grower.
Accordingly, while we believe there are many reasons that transaction will be consummated, even though the document is captioned as a letter of intent, IDGC retains valuable rights even if a transaction is not consummated. Accordingly, the expenditure of the $20,000 nonrefundable amount enables IDGC to continue its quest to profitably pursue the medical marijuana business. Nonetheless, investors are cautioned that IDGC has not yet entered this business.
About ID Global Corporation
ID Global Corporation (IDGC) is a diversified holdings company with a focus on emerging and middle market investment opportunities in North America. IDGC seeks, through debt and equity investments, minority positions as well controlling interests in established companies and special situation start-ups.
Forward-Looking Statements
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of ID Global Corporation and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
CONTACT: ID Global Corporation
Attn: Sebastien DuFort
230 W. Monroe St., Ste. 310
Chicago, Illinois 60606
6305323625
Sdufort68@gmail.com
