SEATTLE, WA / ACCESSWIRE / May 7, 2020 / Riverdale Oil & Gas Corporation (OTC PINK:RVDO, the "Company"), announced today that the Company has entered into a binding letter of intent with Hempstract, LLC.
Under terms of the deal, Riverdale Oil & Gas Corp will acquire all assets including licenses, equipment, materials, inventory, assignment of all lease, service, and vendor contracts. Assets include 3,125 kilograms of CBD Isolate valued at $10,700,00 along with material assets and equipment valued at over $750,000. Following the acquisition, the company will be reclassified as a subsidiary corporation under Riverdale Oil & Gas Corporation.
Hempstract is currently in the process of renovating a historic ICBM Titan Missile facility site in eastern Washington state to produce only the highest quality THC-Free products that are derived from Non-GMO industrial hemp grown with natural farming practices. Under the leadership of Dr. Todd Talley, Hempstract's planned products include CBD Isolate & distillate oil, nutritional whole plant extract for topicals, lotions, bath bombs, pills and pet products. After transitioning from a career as a research scientist and professor, Dr. Talley entered the recreational cannabis industry. Dr. Talley's work includes the development of novel cannabinoid formulations and industrial methods for the isolation of THCA. Now focused on Hemp, Dr. Talley continues isolating novel cannabinoids and developing new processes for the isolation of CBD. In addition, Dr. Talley, has developed many new formulations and applications for CBD and related cannabinoids. "This is an amazing time for us, and we are thrilled to have the structure and backing of the team at Riverdale." Said Dr. Todd Talley, President and Chief Scientist of Hempstract.
Richard Hawkins, CEO of Riverdale Oil & Gas Corp commented on the letter of intent: "This deal marks a pivotal change in direction for the company in support of plans to diversify into new and exciting industries. We are so fortunate to have Dr Talley onboard and have had such a positive experience working with him and his team at Hempstract on this project. We look forward to continuing into a long and profitable future together."
About Riverdale Oil & Gas Corporation
Riverdale Oil & Gas Corporation (OTC Pink:RVDO) is a Nevada registered publicly-traded company.
About Hempstract, LLC
Located in Warden, Washington, Hempstract offers business partners premium CBD Solutions they can trust at competitive prices. Hempstract and its laboratories go to great lengths to ensure that all of its solutions are of the highest quality and control standards and provides pure, high-quality, and safe, CBD isolate and oil to its customers.
For more information, please contact:
Richard Hawkins
Forward-looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-k, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
SOURCE: Riverdale Oil & Gas Corporation
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