- 2 new Board members added
- BDCI Board approves $26 million transaction
- Name change filed with Nevada
COCONUT CREEK, Fla., Sept. 28, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE — Bahamas Development Corporation (OTCPINK: BDCI) is finalizing its acquisition of its affiliate company Global Consortium, Inc. dba Cannabis Consortium, Inc. through a reverse merger.
Bahamas Development recently added two new independent directors to its Board. Earlier this week, a vote was held and the new member unanimously approved the transaction valued at $26 million dollars.
The transaction value is based on the conservative revenue potential of each entity including pending Letters of Intent for Indulge, future orders for Infused and the earning potential of the Hemp farms in Colorado.
As a condition of closing, Bahamas Development must change its name to Global Consortium Inc. The filing has already been submitted with the State of NV and the Company is now known as Global Consortium, Inc. The filing with FINRA to change the name and obtain a new ticker will be made next week.
More updates coming next week including the official execution of the Merger Documents. The 3rd quarter financials will still be filed on a consolidated basis between Global and BDCI.
Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.
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