4Cable TV International, Inc. (OTC: CATV) announced today that it completed the acquisition of CIGN, LLC devoted to growing hemp flower and seedlings to support a global CBD integrated services and products company. Effective February 9, 2021, the Company acquired 100% of the equity interests of CIGN, LLC. As a result of the acquisitions, the Company will operate a State of the Art Cravo Grow Facility. Gross sales of CIGN for 2021 are expected to reach between $20 and $40 million dollars. This acquisition, together with the Company's previously acquired entities further the Company's new strategy of transforming the Company into a fully integrated global CBD/hemp business.
The Company acquired CIGN, LLC for a consideration of $10,000,000. In the transaction, 70% of the consideration was paid in the form of newly issued shares of the Company's Series B preferred stock and 30% was paid through the issuance of a promissory note. The shares of Series B preferred stock, which are convertible into shares of Company common stock, were valued at $0.007458 per share, which represents the closing date average for the last 30 days common stock conversion of Preferred B as of February 5, 2021. Each promissory note bears interest at an annual rate of 6% and matures on the earlier of February 9, 2022 or the consummation of a qualified financing.
CIGN, LLC was owned by affiliates of the Company. Michael Feldenkrais, the Company's Chief Executive Officer and sole director, indirectly owned 50% of the equity interests in CIGN and, therefore, received 50% of the consideration payable in connection with that acquisition. Mr. Feldenkrais also owns a majority of the voting control of the Company through his ownership of the Company's Series A preferred stock, which possess super-voting rights. The Series B preferred stock issued in connection with the acquisitions do not possess super-voting rights.
About CIGN, LLC
CIGN, LLC is a full-service germination nursery of affordable hemp transplants to farms across the U.S. headquartered in Homestead, Florida and a full-scale grower of Premium Hemp Flower.
The company ships high quality hemp seedlings directly to farms and grows plants to completion to sell hemp flower and biomass to manufacturers to produce products.
With a 6-acre State of the Art "Cravo" Greenhouse facility with over 167,000 square feet of covered area, the farm is currently growing over 100,000 plants per season.
CIGN, opened its doors in April 2020 and became the 2nd issued license in the State of Florida and is under contract with the University of Florida as a research facility. CIGN, is in a unique position to grow several crops a year and provide consistent results that focus on harnessing CBD, CBG, CBN and other Cannabinoid compounds produced by the plant to apply it in human wellness. www.canitgrow.com Our hemp flower products range from indoor grown hemp strains to bulky high quality outdoor grown strains. CIGN sells hemp strains from 2-star grade all the way up to 5-star private reserve grade.
About 4Cable TV International, Inc.
4Cable TV International, Inc. (OTC: CATV) is seeking to create and operate a fully integrated global CBD/hemp business, ranging from growing to retailing. To accomplish this strategy, the Company has begun to actively seek acquisition targets in the CBD/hemp industry, which may include companies in which the CEO or other related parties have interests. The companies will be consolidating all their operations into the facilities of CIGN at 23100 SW 192nd Ave, Miami, FL 33170.
4Cable TV International, Inc. has identified and is negotiating several other acquisitions it will be announcing shortly.