American Green, Inc.™ (OTC:ERBB) Signs Binding Letter of Intent to Acquire VendWeb, its AGX Smart Vending Machine Supplier
American Green, Inc. (OTC:ERBB) announced a binding letter of intent to acquire VendWeb, a leading supplier of AGX vending machines that use facial recognition for age verification. The acquisition aims to enhance American Green's competitive advantage in the age-restricted products market, including cannabis and alcohol. With over 10 years in the vending sector, VendWeb will provide operational synergies, potentially increasing revenue while reducing manufacturing costs. Final details will be disclosed after board approval in early April 2022.
- Acquisition of VendWeb enhances competitive advantage in age-restricted product market.
- Expected increase in revenue and customer base through VendWeb's existing clients.
- Control over manufacturing and software development processes.
- None.
Facial recognition and proprietary software allow the AGX-verified customers to purchase Cannabis, Alcohol, CBD, and More
PHOENIX, AZ, March 30, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- American Green, Inc. (OTC:ERBB) announced today that it has signed a binding letter of intent to acquire VenWeb, the company that has been the supplier of American Green Xpress (AGX) vending machine with facial recognition and over age 21 ID verification which allows the purchase of age-restricted products. VendWeb has been in the vending business for over 10 years. American Green has already secured the binding letter of intent with a cash deposit and will announce the final agreement details including Vendwebs financial information upon final board approval in early April of this year.
https://www.youtube.com/watch?v=jv2FNLSnvw4
American Green’s president, David G. Gwyther adds, “VendWeb has been a fantastic company to work with over the last 5 years. American Green has been working directly with Lindel Creed, the founder, and president, and is very excited about the acquisition as it will bring another strategic asset to American Green. ERBB has already identified a very promising business opportunity in the 21 and over age identification and verification vertical and will be expanding its American Green Xpress AGX vending business after the acquisition is complete. VendWeb gives American Green a competitive advantage for expansion and also gives it control over the manufacturing process which includes software development, integration, and the design and build process of the American Green Xpress AGX machines.”
The addition of VenWeb also produces a synergy that allows American Green to increase revenue, productivity, and its customer base through VendWeb’s current clients all while reducing manufacturing costs.
According to Lindel Creed, VendWeb’s owner, “I am excited that I will be a part of the team to ensure the smooth transition of VendWeb into American Green. VendWeb has been instrumental in the manufacturing of the AGX including the development and integration of American Green’s proprietary software with the Jumio custom-engineered facial recognition software. This process works in conjunction with biometrics to verify and identify people over the age of 21, allowing them to purchase age-restricted products such as alcohol and cannabis from one of the most technologically advanced vending machines available.”
Read more about American Green's newest division VendWeb here
Video Demonstration of the AGX Age Identification and Age Verification Vending Machine
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About American Green, Inc.
In 2009, American Green, Inc. became America’s second publicly traded company in the cannabis sector. American Green now, with its more than 50,000 certified beneficial shareholders, is one of the largest (in shareholder count) in the cannabis sector. American Green's mission is to lead the cannabis and premium CBD industry.
Leveraging our team of professionals in cultivation management, manufacturing, extraction, wholesale, retail, and community outreach, we strive to develop sustainably initiatives in the cannabis-adjacent and CBD industries, laser-focused on adding company and shareholder value.
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NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties, and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, be should, and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.
FAQ
What is the purpose of American Green's acquisition of VendWeb?
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