Palm Coast, FL, March 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold River Productions, Inc. (OTC Pink: GRPS) and RushNet, Inc. (OTC Pink: RSHN) jointly announce the sale of New Earth Development Corporation (New Earth), on February 28, 2020.
The combined sale price is $34,975,000, payable in shares of Stevia Nutra Corp. (OTC Pink: STNT) common stock, 2,250,000 shares to Gold River and 250,000 shares to RushNet (this split being in accordance with the terms of the joint venture agreement between Gold River and RushNet). Based on the $13.99 price per share of Stevia Nutra common stock as of the February 28, 2020 contract date, for this quarter, our accountants confirmed that Gold River will report $31,477,500 in Revenues for financial statement purposes. Similarly, RushNet’s revenues will include its $3,497,500 from this transaction. Given the negligible amount of expenses that each company incurs, the net income is expected to significantly exceed 90% of the Revenues. As a further result of this transaction, each company will report an asset of a like amount – $31,477,500 and $3,497,500, respectively.
Richard Goulding, MD, Chairman of the Board, reports that “the agreement includes a cooperation provision enabling Gold River and RushNet to continue their respective pursuits of this burgeoning market, entitling each to a discounted price of goods and services from New Earth Development Corporation, including from its subsidiary HempArmor Inc.TM” Dr. Goulding continued, “We feel that Stevia Nutra is uniquely positioned to pioneer the production of graphene products generally and the hemp growing process which can provide the raw ingredients for graphene. Furthermore, the company is positioning itself, via its recent acquisition, HempArmor, to manufacture highly protective apparel for the protection of persons, including through the use of 3D printing technology.”
Dr. Goulding cautions, however that “while substantial income will be reported from this transaction, what we ultimately realize on this transaction will be a function of how successful Stevia Nutra, New Earth and HempArmor are in their various pursuits in this market.”
Other recently consummated acquisitions will also be announced shortly.
Safe Harbor Statement: This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate”, “project”, “intend”, “forecast”, “anticipate”, “plan”, “planning”, “expect”, “believe”, “likely”, “should”, “could”, “would”, “may” or similar words or expressions. Such statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause the company’s actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company’s ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company’s operating history and resources, economic, competitive, and equity market conditions.
About RushNet, Inc.:
RushNet, Inc. is an edibles and beverages-based company developing a number of stand-alone products, most including enhanced with CBD. These products are designed to take advantage of all natural and non-GMO grown foods, pristine mineral water enhancement, and full-spectrum, broad-spectrum CBD and other rare cannabinoids.
About Gold River Production Services, Inc.:
Gold River Productions is a top of the line medical CBD company. With innovative products targeting specific disease states using supplements, Gold River Productions, along with RushNet, is poised to take CBD to the next level. With two of its top officials being not only medical doctors, but well-versed in the field of cannabis, a team of scientists and technical experts have joined forces to utilize all that CBD and Hemp have to offer.
About the joint venture between Gold River Productions Inc. and RushNet, Inc.: This joint venture is a unique combination of discipline and qualified professionals to address unique and underserved needs, mostly involving all areas of cannabis production (including hemp) from cultivation and manufacturing to distribution and retail, with an emphasis on unique products and high-quality CBD. RushNet is more focused on product development, particularly edibles and beverages while Gold River Productions addresses the more scientific elements of these pursuits, using formulations found only in the formation of high-quality nutraceuticals. Together, they are able to facilitate the vertical integration envisioned. Each is acquiring and joint venturing with companies in all aspects of the cannabis field as they jointly pursue a fully integrated cannabis and hemp business model.
CONTACT: RushNet, Inc.
CONTACT: Gold River Productions, Inc.