Mentor Capital Board Votes to Not Increase Agreed Upon Terms and Terminates HempCon Finalization in Favor of Other Transactions
Jan 29, 2014
OTC Disclosure News Service
San Diego, CA
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, Chester 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
For further information contact:
Chester Billingsley, CEO
Mentor Capital, Inc.
(760) 788 – 4700
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