SEATTLE, WA / ACCESSWIRE / August 7, 2020 / Riverdale Oil & Gas Corporation (OTC Pink:RVDO) (the "Company"), announced today that the Company has entered into an Asset Purchase Agreement with Hempstract, LLC.
Having completed due diligence, the parties agreed to mutually beneficial terms and executed an Asset Purchase Agreement on August 6, 2020. Under terms of the transaction, 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.
Richard Hawkins, CEO of Riverdale Oil & Gas Corp commented on Agreement: "We are so thrilled to finalize this purchase agreement with Hemstract and we are eager to start this next chapter for the company to diversify into this new and exciting industry."
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
IR@rvdoil.com
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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https://www.accesswire.com/600707/Riverdale-Oil-Gas-Corporation-RVDO-Executes-a-Mutual-Definitive-Agreement-to-Purchase-Hempstract
