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GNI Genius Properties Ltd.

0.285
0.00 (0.00%)
31 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Genius Properties Ltd. CSE:GNI CSE Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.285 0.27 0.59 0 01:00:00

Genius Completes Acquisition of a 70% Interest in an Electronic Cigarette Distributor

07/07/2014 1:30pm

Marketwired Canada


Genius Properties Ltd. (the "Corporation" or "Genius") (CSE:GNI) is pleased to
announce that it has completed the previously announced arms-length acquisition
of a 70% interest in the assets of Zen eCigarette Inc., ("Seller"), a company
specializing in the distribution and processing of electronic cigarettes.


The assets of the Seller were acquired by a newly created Delaware corporation,
ZenCig Corp. ("ZenCig") in which Genius has a 70% interest and the principals of
the Seller hold 30%. The original terms of the letter of intent were amended
prior to the closing such that ZenCig purchased the Seller's assets for an
aggregate consideration of $125,000, paid cash at closing. As part of the
transaction, ZenCig also settled an outstanding debt of $42,500 owed by the
Seller to an arms-length third party. 


The purchased assets include, namely, inventory, goodwill, intellectual
property, web domain name www.zencig.com, permits and other distribution rights.
The principals of the Seller have entered into a consulting agreement with
ZenCig and will manage day-to-day operations while Genius will control the
corporate affairs of ZenCig. The definitive agreements also include standard not
compete and non-solicit undertakings by the principals of ZenCig, as well as
standard representations and warranties and indemnification provisions. 


Stephane Leblanc, President of Genius, commented: "We are very pleased that the
team of Zen eCigarette has joined us to participate in the development of our
project. This strategic acquisition enables Genius to achieve a new dimension
with a full commercial offering in the electronic cigarette market, one of the
markets with the highest growth potential. This strategic move will enable
Genius to capture more value and generate cash flows in the short, medium and
long term".


About ZenCig

ZenCig is a cleaner and healthier alternative to smoking for all. ZenCig is one
of the leading electronic cigarette companies in this rapidly emerging and
fast-growing market. The Company began online sales in 2011 and expanded to
retail in 2013. ZenCig offers the highest quality and latest technology in this
market. ZenCig provides an artificial flavored vapor with or without nicotine. A
cartridge filled with an aromatic liquid is located in the filter. Ingredients
contained in the cartridge include nicotine, artificial flavor and glycerol.
During inhalation, the microprocessor enables a spray, mixing the air inhaled
with the liquid contained in the cartridge. This vapor is then inhaled by the
user. Evaporation of glycerol allows an imitation of real smoke produced by a
cigarette. A LED at the end of the cigarette simulates true combustion and the
sprayed mixture is delivered at a temperature of 50-60 Celsius degrees which is
comparable to regular tobacco cigarette. With a soft filter and same size and
weight as a real cigarette, it really gives to its user the most realistic
experience of a tobacco cigarette. And without tar, ash and second hand smoke,
people can really start to BREATH AGAIN ! With its established online presence
and the lowest retail price in the world, the ZenCig management team is
positioned to leverage its already well-recognized brand and give great value to
its shareholders.


About Genius Properties

Genius is primarily targeting Quebec's excellent mineral potential to discover
new world-class deposits. Genius is the ideal partner for exploration companies
and capital pool companies looking for qualified transaction projects of merit.
Genius intends to enter into various types of agreements on its properties.
Management is currently evaluating, through specialized wholly-owned
subsidiaries of the Corporation, other opportunities in other markets and
industries having a strong growth potential to enhance shareholder value in the
short term.


This news release contains forward-looking information within the meaning of
applicable Canadian securities laws. All information other than historical fact
is forward-looking information. Forward-looking information relates to future
events or future performance and is based on Genius, current internal
expectations, estimates, projections, assumptions and beliefs. Forward-looking
information is often, but not always, identified by the use of words such as
"expect", "project", "proposed", "intend", "seek", "anticipate", "budget",
"plan", "continue", "estimate", "forecast", "may", "will", "predict",
"potential", "targeting", "could", "might", "should", "believe" and similar
expressions. Although management considers the assumptions and estimates,
reflected in forward-looking information, to be reasonable, based on information
currently available, there can be no assurance that such information will prove
to be correct. As a consequence, actual results may differ materially from those
anticipated.


Undue reliance should not be placed on forward-looking information which is
inherently uncertain, and subject to known and unknown risks and uncertainties
(both general and specific) and other factors that contribute to the possibility
that the future events or circumstances contemplated by the forward looking
information will not occur or that may cause the actual results, level of
activity, performance or achievements of the Company to be materially different
from those expressed or implied by such forward-looking information. These risks
include, but are not limited to risks associated with general economic
conditions, the actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans continue to be
refined, future metal prices, financial risks and substantial capital
requirements. Further information regarding certain of these risks (as well as
risks relating generally to the Company's business) may be found under the
headings "Risks and Uncertainties", "Forward-Looking Information" and "Financial
risk factors" in the latest Company's Management's Discussion & Analysis on
www.sedar.com. Readers are cautioned that the foregoing list of factors that may
affect future results is not exhaustive. The forward-looking statements
contained in this news release are made as of the date hereof and Genius does
not undertake any obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable law. The
forward-looking statements contained herein are expressly qualified by this
cautionary statement. 


The CSE has neither approved nor disapproved the contents of this press release.
The CSE does not accept responsibility for the adequacy or accuracy of this
release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Stephane Leblanc
President and CEO
(418) 717-2553
slconcept@hotmail.com

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