FT. LAUDERDALE, Fla., Aug. 23, 2019 (GLOBE NEWSWIRE) -- Cardiff Lexington Corporation (OTC:CDIXBB) and Acela BioMedical, LLC in Maysville, Ky announced today that they have signed a Letter of Intent whereby Acela BioMedical would become a subsidiary of Cardiff Lexington. The Management and Board of Directors of Cardiff Lexington Corporation have taken bold, decisive actions in order to enter the ever-growing hemp industry and with Acela BioMedical they have found an ideal partner. Consummation of the partnership is conditional upon successful completion of final stage due diligence and transfer of purchase consideration.
Acela Biomedical, its management and employees are committed to the continued growth and expansion of the Company in Maysville, KY. No operational changes are planned, and current ownership will remain in place under a new structure that empowers significant capital investment to meet the rapidly expanding opportunities and to implement the Company’s growth strategies. Andrew Culbertson Acela CEO will also join the Board of Directors of Cardiff Lexington.
The parties have been in confidential discussions and negotiations for several months having reached agreement in principal and are working diligently to finalize their transaction as visualized in their recently executed Letter of Intent. The parties given the strong public interest and much misinformation, rumors, and speculation have decided to publicize their intentions now prior to anticipated future closing.
About Acela BioMedical, LLC
Acela Biomedical is an existing Hemp grower, distributor, processor, extractor, and retailor specializing in CBD Oil Production with over two million plants in the ground in Kentucky. Its processing facility is currently in operation. CBD Hemp Cultivation and CBD Oil Production is a specialized high value agriculture category with more in common horticulture than traditional industrial hemp (fiber and oilseed types). Growing industrial hemp for CBD oil production is approached as a medicinal crop, and grown to suit the requirements of processors and buyers. Acela is building a strong foundation in Kentucky hemp cultivation, production, and processing to deliver consistently higher growth and higher value for our shareholders. Bringing production online at our Kentucky hemp processing plant will represent the Company’s latest and most significant milestone toward that objective.
