- Cannabis Consortium will immediately book $800,000 in equipment assets
- Indulge Oils has over $800,000 in inventory
COCONUT CREEK, Fla., May 17, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Bahamas Development Corporation (OTCPINK:BDCI)
subsidiary company Global Consortium, Inc. DBA Cannabis Consortium has executed an Asset Purchase Agreement purchasing an operating
established Cannabis Distillate and brand in California.
Indulge Oils www.indulgeoils.com has been acquired for $4 million dollars consisting of $2 million in cash
and $2 million in equity of Global Consortium. Global Consortium has wired $500,000 and issued a Note for $1.5 million due and
payable On July 1, 2018, and will issue 2 million shares of its Common stock value at $1.00 per share.
Indulge Oils was being courted by a Canadian firm to go public and was given a valuation of $7 million dollars. Due to our
relationship with one of the members of the group that sold Indulge Oils and the fact that Indulge Oils has been our cannabis
partner since last year, Cannabis Consortium was able to purchase Indulge Oils at a multiple of 2.5 times assets.
Cannabis Consortium will book total assets of approximately $1.6 million for equipment and inventory.
Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or
Twitter and its own website to announce key information in compliance with Reg FD.
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities
Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release
which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such forward-looking statements include, among other things, estimates of services and
equipment markets, release of corporate apps, growth of platform, target markets, product releases, product demand and, business
strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such
factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These
forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can
be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of
the information set forth herein and should also consider that any investment in securities is at risk.
Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public
disclosure on otcmarkets.com.
For additional information about this release please contact:
Investor Relations:
Matt Dwyer
matt@cannabisconsortium.net
www.cannabisconsortium.net
954-906-0098
