Worlds Online Closes Acquisition of Sigal Consulting, Initial $2 Million in Working Capital
BOSTON, MA -- (Marketwired) -- 09/29/14 -- Worlds Online (OTCQB: WORX) (WORX) subsidiary, MariMed Advisors, Inc., has completed the previously announced acquisition of Sigal Consulting LLC and closed an initial $2 million in new capital. Future medical marijuana consulting services will be provided under the name MariMed Advisors.
"Closing this capital raise and acquisition demonstrates investor interest and confidence in our team and strategy for capturing significant market share in the developing medical marijuana sector," stated Thom Kidrin, CEO of WORX. "These funds will allow us to expand our team and meet the demand from our growing pipeline of potential licensees in their efforts to gain authority to build and operate cultivation and dispensary operations."
While no assurance can be given that it will be successful, MariMed Advisors is in discussion with multiple capital sources in an attempt to secure additional funds for the acquisition of real estate and operational facilities needed to provide future licensees the operational capabilities to successfully operate under their licenses. This is a critical component for many licensees, as legacy regulations prevent financial institutions from financing such transactions for organizations in the medical marijuana industry, even in states where it has been legalized.
In addition, if successful, funding will be utilized to expand laboratory testing, systems, and product development to produce medicine in licensed facilities that effectively support the clinical needs of patients requiring medical cannabis. MariMed is currently in discussions with several medical facilities and physician groups to study outcomes and deliver more effective treatment.
"With the timely closing of this transaction, we can now focus on growing our licensee relationships and the most cost effective path to capitalizing WORX to take advantage of the growing momentum in state legalization and licensure of medical marijuana," added Robert Fireman, CEO of MariMed Advisors. "We have very targeted and aggressive plans for growth in all areas, including cultivation and dispensary operations, product development and patient education and support."
Full details of the transactions are available at www.SEC.gov.
About Worlds Online Inc.:
Worlds Online is a holding company and a 3-D social network technology platform focusing on the development of virtual worlds, establishing strategic partnerships and pursuing synergistic next gen social network technology acquisitions related to online virtual world properties, technology platforms or development of mobile content, casual games, virtual currency/ micro transactions, online advertising and e-learning. For more information visit www.worldsonline.com.
About MariMed Advisors:
MariMed Advisors, a wholly owned subsidiary of Worlds Online, Inc. (OTCQB: WORX), provides America's emerging medical marijuana industry with professional development and management of medical marijuana cultivation centers and dispensaries. With the recent acquisition of Sigal Consulting, MariMed Advisors is leveraging its established legal and regulatory compliance capabilities and proven operating system to become a model for excellence across the entire spectrum of medical marijuana consulting -- from license application to sale. For further information visit www.MariMedAdvisors.com.
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to Worlds Online Inc. that is based on the beliefs of Worlds Online management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the economic environment and changes in technology. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "planned, "estimated," "preparing," "potential," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites of any other party referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.
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Source: Worlds Online Inc.
Released September 29, 2014