Cann American Corp. Announces Next Binding Letter of Intent

Rhea-AI Summary

Cann American Corp. (OTC PINK: CNNA) announced a binding letter of intent to acquire a 75% majority stake in Valkyrie Systems Inc. by exchanging 10 million series C preferred shares. This acquisition aims to enhance Cann American's portfolio with Valkyrie's military-focused training services and technology, notably the upcoming Valkyrie One VR simulator, targeted at the US military. CEO Alexander Woods-Leo expressed optimism about the potential for substantial revenue growth through military contracts. The deal is expected to close within 10 days.

Positive

• Acquisition of 75% of Valkyrie Systems Inc. positions Cann American for revenue growth.
• Valkyrie's expertise in military training aligns with government contracts, enhancing business prospects.
• Deployment of the Valkyrie One military VR simulator could modernize military training, benefiting both companies.

Negative

• None.

WILMINGTON, DE / ACCESSWIRE / November 9, 2022 / Cann American Corp. (OTC PINK:CNNA), the "Company", a holding company building a diverse portfolio of intellectual properties, is pleased to announce the Company has entered into an additional binding letter of intent ("LOI").

Under the terms of the agreement Cann American will acquire 75 million common shares of Valkyrie Systems Inc., constituting 75% majority ownership in Valkyrie, in exchange of 10,000,000 series C preferred shares of Cann American.

Valkyrie Systems Inc. was founded to act as a contractor and sub-contractor to the US military and Department of Defense, specializing in consulting and state of the art, technology driven, special operations training, in the areas of Weapons and Tactics, Jump/Air Ops, Rescue, Dive/Water Ops, Vehicle Ops, Space Program Recovery, and Surveillance. Valkyrie also offers civilian training programs and consulting for film and television.

Valkyrie Systems is headed by US Air Force, Staff Sergeant, Joseph Barajas. Mr. Barajas has 10 years of service and is currently a USAF reservist Pararescue Specialist (PJ). USAF PJs are the only DoD elite combat forces specifically organized, trained, equipped, and postured to conduct full spectrum Personnel Recovery (PR) to include both conventional and unconventional combat rescue operations. Mr. Barajas has also worked as an executive with companies in similar fields that have generated over $25 million in revenue before pursuing his role as CEO at Valkyrie Systems.

Currently, Valkyrie Systems is in the final stages of deploying its "Valkyrie One" military VR simulator. Valkyrie intends to pitch the Valkyrie One system to DoD as a replacement to now outdated military training software currently still being utilized.

The acquisition of Valkyrie systems is intended to close within ten days of the LOI. The Company will further update shareholders upon closing of the agreement.

Stated Cann American CEO, Alexander Woods-Leo: "I'm extremely excited to work with Valkyrie and Mr. Barajas. This acquisition represents an amazing opportunity for the Company and its shareholders as Valkyrie intends to pursue an array of US military backed contracts that can generate exponential revenue growth to both Valkyrie and Cann American."

About Cann American Corp.

Cann American was formed in 2015 with an initial focus on developing legal cannabis industry infrastructure projects in Northern California. Now a publicly traded company under symbol (CNNA), Cann American Corp., through its subsidiaries, has expanded its focus toward developing assets and technologies through strategic acquisitions nationally.

Forward Looking Statements:

This press release contains forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Cann American Corp.

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SOURCE: Cann American Corp.

View source version on accesswire.com:
https://www.accesswire.com/724707/Cann-American-Corp-Announces-Next-Binding-Letter-of-Intent

FAQ

What is the recent LOI about Cann American Corp. (CNNA)?

Cann American Corp. announced a letter of intent to acquire 75 million common shares of Valkyrie Systems Inc., giving them a 75% majority stake.

What are the terms of the Cann American Corp. (CNNA) and Valkyrie Systems Inc. acquisition?

The acquisition involves Cann American exchanging 10 million series C preferred shares for 75% of Valkyrie Systems Inc.

How could the acquisition of Valkyrie Systems affect Cann American Corp. (CNNA)?

The acquisition could significantly increase revenue through potential military contracts resulting from Valkyrie's training services.

What is the Valkyrie One military VR simulator in relation to Cann American Corp. (CNNA)?

Valkyrie One is a military VR simulator being developed by Valkyrie Systems, aimed at modernizing military training for the Department of Defense.

When is the acquisition of Valkyrie Systems Inc. by Cann American Corp. (CNNA) expected to close?

The acquisition is expected to close within ten days from the announcement of the letter of intent.