Welcome!

News Feed Item

Delta Entertainment Group Signs Letter of Intent to Enter Marijuana Industry

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.