DENVER, Oct. 1, 2019 /PRNewswire/ -- Walker Lane Exploration, Inc (WKLN) has signed a preliminary agreement to acquire a majority stake in Cosmetics By Design, Inc., an emerging CBD cosmetics company. An Asset Purchase Agreement will give Walker Lane a 55% non-dilutive position. The agreement gives Walker Lane ten CBD cosmetic formulations. These CBD formulations are to be distributed through strategic partnerships with key cosmetics distributors. Additionally, WKLN has a two-year option to purchase twenty-five more cosmetic CBD formulations.
Walker Lane will acquire 55% of the outstanding CBDI shares and will retain administrative control of the combined companies. The Board has also approved a $250,000 private placement associated with the CBD cosmetics acquisition, though the financing is not part of the terms of acquisition.
Phillip Allen will continue as CEO and Chairman of Walker Lane, while Tony Panasuk will continue as CFO of Walker Lane and serve as CEO and CFO of CBDI.
"Our board of directors has taken the approach to diversify WKLN for our shareholders' benefit," said Mr. Allen. "We believe the CBD market for cosmetics applications may be very lucrative and believe Cosmetics By Design ten CBD cosmetic formulations will be well-received by the market."
About Walker Lane Exploration, Inc. (WKLN) Walker Lane Exploration, Inc, is a Nevada corporation formed in 2007 and trading on the OTC Markets (PInks currently). For the last year and a half WKLN has been involved in the shallow well oil and gas development and recently the Board of Directors made the decision to enter the cannabis/CBD/hemp arena. The management and Advisory Members of WKLN have a combined experience of over a quarter century in the Cannabis industry and with the recent public 'frenzy' and interest in this area, the Board felt it in the best interest of its shareholders to phase out of the oil and gas business and seriously enter the Cannabis arena. It just completed its first acquisition in that arena of Cosmetics By Design, Inc. and has a number of pending acquisitions it believes it can make. The Board has authorized an immediate Limited Private Placement Offering of up to $250,000 in common stock priced at 20% below a trailing ten-day average ask for the stock. Details of the Offering will be filed with the Securities and Exchange Commission on Form D as soon as it is effective.
About Cosmetics By Design, Inc. (CBDI):
CBDI plans to capitalize on this rich investment opportunity with its management team of successful business, agriculture, chemistry, and engineering professionals to breed high-CBD strains of hemp, develop farming methods for maximum yield and create intellectual property licensing opportunities that may potentially generate a significant revenue stream.
Statements included in this press release, other than statements of historical fact, are forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
For additional information about Walker Lane Exploration Inc. please contact Phil Allen at firstname.lastname@example.org or 303-875-1044, or visit our website: WalkerLaneExploration.net or WalkerLaneInc.com