Mining Power Group, Inc., announced today, that as a result of preliminary negotiations, it has issued a draft letter of intent to the management of a CBD company that already generates millions of dollars in revenues under its various brand names that are well known in its sector. The draft LOI, which would have the Company acquire the CBD company as a wholly-owned subsidiary, provides the foundation for finalizing negotiations in order to lead to its signing and subsequent entry into a definitive agreement. Under the terms of the proposed transaction, the acquired company will operate as an independent subsidiary producing and marketing its brands and maintain its current management. Current CEO and controlling shareholder, Dror Svorai, will transfer complete control of the Company to the management of the newly acquired company, who will appoint new officers and directors. Additional details were not disclosed at this time. Results of the negotiations will be announced at a later date.
Dror Svorai, President and CEO, stated, "Closing this transaction will be a total game changer for us. Not only will it mean a major refocus of our business into a rapidly growing consumer sector, but the addition of millions in annual revenues from a known CBD company with a solid history of steady year-over-year increases in its business. Once we get the LOI agreed to, we believe we will be able to complete this acquisition in 30 days."
He added, "We couldn't be more excited by the prospects of completing this acquisition. All indications are that the years ahead for the CBD business represent unparalleled accelerated growth, meaning for us that completing this acquisition puts us in an excellent position to be able to capitalize on that growth with an established brand leader in the industry."
About Mining Power Group, Inc.
Mining Power Group, Inc. is a holding company for subsidiary operations that provide data center services for companies in the cryptomining industry. The Company trades under the symbol "MPGR") and is a fully reporting SEC company listed on the OTC market. For additional information on the Company, visit,
