VANCOUVER, British Columbia, Aug. 22, 2019 (GLOBE NEWSWIRE) — CROP Infrastructure Corp. (CSE:CROP) (CRXPF) (2FR.F) (“CROP” or the “Company”), is pleased to announce that, further to its news release dated August 1, 2019, Elite Ventures Group LLC (“Elite”), a limited liability company organized and existing under the laws of the State of Nevada in which the Company holds a 49% membership interest, has agreed to extend the proposed closing date of its previously announced commercial real estate purchase agreements (the “Property Purchase Agreements”) dated July 15, 2019 with a certain buyer (the “Buyer”) to purchase certain real property located in Tonopah, Nevada (the “Nevada Property”) owned by Elite to a date on or before September 20, 2019.
In connection with the sale of the Nevada Property, The Hempire Company L.L.C. (“Hempire”), a limited liability company organized and existing under the laws of the State of Nevada, also agreed to extend the closing date of the asset purchase agreement (the “Asset Purchase Agreement”) dated July 15, 2019 with the Buyer, pursuant to which Hempire agreed to sell four active, authenticated, usable, uninhibited and transferrable Nevada Marijuana Certificates (the “Licences” and, together with the Nevada Property, the “Nevada Assets”) registered on the Nevada Property, to a date on or before August 23, 2019.
The extensions are to be granted provided the Buyer deposits into escrow $1,000,000 (the “Deposit”), which Deposit will be applied to the purchase price of the Nevada Property and the Licences before September 6, 2019.
For more information on the sale of the Assets, please see the Company’s August 1, 2019 new release.
CROP is a publicly listed company trading on the CSE under the symbol CROP. The Company is focused on owning a portfolio of cannabis branding, CBD and real estate assets through its wholly and partially-owned subsidiaries. CROP’s portfolio of projects includes