- Posted by: Mentor Capital
- Category: Press, Uncategorized
January 28, 2014 – SAN DIEGO, Mentor Capital, Inc. (OTC Markets:MNTR) announced today that its independent Board of Directors has voted to not further increase its purchase offer beyond “the agreement by principals and letter of intent terms [which] outlines that HempCon, Inc. will receive $7.0 Million from Mentor Capital investors plus future public market appreciation for a 100% interest” as written out by principals in person on January 15th in Los Angeles including the permission to announce as a letter of intent on January 17th, 2014.
Following inconclusive weekend negotiations, and with no further contact on Monday, Mentor Capital, in accordance with the contract terms, informed HempCon today, Tuesday, January 28th, in writing, that it would “terminate actions toward consummation of this Agreement.” Mentor Capital, as a courtesy, informed HempCon owners who agreed.
“As a business owner, I’ve found that if you’re going to be working with fifteen or more companies, sometimes it’s just best to walk away from one if something comes up to avoid that same problem repeating in the future,” says Mentor Capital, Inc. director, Robert Meyer.
Company CEO, Chet Billingsley, observes, “Compared to our 20 years of public market operation in Silicon Valley and health care, the cannabis sector is still young and emerging. The public company community here has not yet developed the protocols of confidentiality, strong agreements amongst principals and careful communication that ultimately will strengthen the public market confidence in the entire cannabis and medical marijuana sector.” To promote this stability in the cannabis public market communication, Mentor Capital will also modify its long-standing policy of alerting the public when a serious letter of intent is signed in favor of keeping all pending transactions confidential until a definitive agreement is executed.
Mentor Capital, Inc., an operating company, by acquisition or investment, seeks to fund a significant portion of the $140 Million that would flow from the exercise of warrants its shareholders already hold into leading cannabis brands. Mentor Capital emphasizes legal compliance and its CEO’s shares are locked in escrow. www.MentorCapital.com.
Forward Looking Statements, Safe Harbor and Risk Descriptions are Incorporated by Reference from the MNTR Company Web Site above.
For further information contact:
Chet Billingsley, CEO
Mentor Capital, Inc.
(760) 788 – 4700