|By Marketwired .
|May 21, 2014 02:30 PM EDT
FT. LAUDERDALE, FL -- (Marketwired) -- 05/21/14 -- Delta Entertainment Group, Inc. (OTC Pink: DENG) (PINKSHEETS: DENG) ("DENG"), effective May 15, 2014, signed a letter of intent to acquire all of the issued and outstanding shares of common stock of Grow Solutions, Inc. ("Grow"). Grow is a developmental stage company that intends to lease equipment, distribute products and provide management services for grow operators in the Marijuana industry. At closing, DENG will issue Grow 51,000,000 shares of DENG common stock. Subject to an increase in DENG authorized capital, DENG will be required to issue Grow an additional 700,293,957 shares of common stock.
Prior to Closing, DENG will be required to file all SEC reports through 12-31-13. Grow will be required to have $ 1,250,000 in capital. The foregoing terms and conditions will be incorporated in a share exchange agreement whose terms and conditions must be agreed upon between the parties.
Following Closing, DENG will undertake to spin-off its currently operating subsidiaries.
However, there can be no assurance DENG will be successful in closing the transaction with Grow.
Form 8-K has been filed with the U.S. Securities and Exchange Commission and can be reviewed in its entirety at: http://www.sec.gov/Archives/edgar/data/1481199/000116169714000211/0001161697-14-000211-index.htm
The Marijuana Industry Today:
Legal cannabis sales are expected to grow to $2.57 billion in 2014, up from $1.53 billion in 2013, and projected to be worth $ 10.2 billion in five years, according to ArcView Group, a San Francisco investment network and market research firm focused on legal cannabis. The Legal Marijuana is among the fastest-growing markets in the United States, and it's growing at a rate poised to outpace the expansion of the global smartphone market, according to a new report by The Huffington Post.
Medical marijuana is currently legal in 20 states and the District of Columbia. This year Washington and Colorado will begin implementing laws that permit the sale of pot to all adults. Colorado alone is predicted to add $ 359 million to its existing market in 2014.
The marijuana industry's growth coincides with a widespread shift in the public's attitude toward the substance. A Gallup poll conducted found that for the first time in history, more than half of Americans think pot should be legal for both medical and recreational purposes. A CNN documentary that aired last summer explored marijuana's benefits for a mainstream audience. Individuals are increasingly using the plant's medicinal properties to treat symptoms even in children.
The report only examined the sale of cannabis itself, whether wholesale to retailers or directly to consumers. The markets for ancillary products, such as security equipment, grow tools, apps and paraphernalia has the potential to drive growth sales still further.
The federal government, however, has yet to catch up to this rapid evolution. Even in states that permit marijuana use, cannabis remains illegal at the federal level, and the Controlled Substance Act classifies marijuana as having no medical value. Federal raids against dispensaries in California over the past two years have shuttered hundreds of businesses and hindered the industry's growth. Attorney General Eric Holder's asserted that the Justice Department would not interfere with the implementation of adult use laws in Washington and Colorado. "Federal acceptance of marijuana is not going to happen in one fell swoop," he said. "It will happen incrementally, with important steps along the way."
About Delta Entertainment Group, Inc.
Primarily a holding company for its subsidiaries; PearlBrite Concepts, Inc., www.pearlbrite.net, a non-dental cosmetic teeth whitening company; Captivating Cosmetics Corp., www.trlovecosmetics.com, a producer and marketer of color cosmetics and Oomph Energy Corp., www.oomphenergygum.com, a producer and marketer of Energy Gum.
Safe Harbor Statement; Forward Looking Statements
Statements in this press release relating to the Letter of Intent, corporate restructuring, the marijuana industry, and any other statements about the Company or Grow's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors beyond our control that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: the ability of the parties to close the transaction and satisfy the conditions thereunder.
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