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Square Chain Corp. results will be part of M Line’s Consolidated Financial Statements
Newport Beach, CA, March 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- M Line Holdings, Inc. (OTC Pink: MLHC; "M Line" or the “Company”) announces that it has sold its real estate assets and its interest in the Caravel Group to Square Chain Corp. (OTC Pink Stock Symbol “SQCC”) for stock in Square Chain Corporation (“SQCC”), a significant portion of which will be issued to M Line shareholders as a dividend.
M Line will be issuing a dividend to its shareholders of a total of 50,000,000 of its shares in SQCC, approximately one share for every 150 shares of common stock of M Line shareholders. These shares will be free trading after we file our registration statement. This dividend is subject to regulatory approval and the value date will be set at April 17, 2019, due to the anticipated time it will take for that approval.
After the dividend has been issued, SQCC will remain a subsidiary of M Line and its results will still be part of M Line’s Consolidated Financial Statements. This will result in a significant increase in Shareholder value.
• SQCC has purchased for SQCC stock the 55% ownership that M Line has in the Caravel Group, Inc. Caravel’s primary products are Vea™ proactive hydration and caffeinated sparkling water beverages and the Torque® line of energy drinks as well as Larry Caputo wine, our first imported wine line.
• Forecasted revenues for Caravel continue to rise and are expected to be over $20 million dollars in the next twelve months and we anticipate net profits to exceed 35%. Our significant orders in Mexico include deliveries through our distributors to Walmart Mexico and OXXO. In the US we will be delivering to many of the major grocery and convenience store chains to be announced in the near future.
• SQCC has purchased for stock, the real estate assets of M Line and will develop that real estate.
• The new management team will continue to manage the current business of SQCC.
• M Line’s growth will not be affected.
• SQCC is in negotiation to purchase additional stock in the Caravel Group.
• Announcements will be made on Square Chain’s new twitter account @sqcccorp
• SQCC’s web site will be updated with the new businesses ASAP.
Tony Anish, CEO of M Line, commented: “This is an extremely exciting and progressive transaction. We gain the benefit of a well-structured company that is current in its filings and we will be updating the officers and Directors, including my position as CEO of SQCC, on OTC Markets and the Nevada Secretary of State web sites in the next few days.”
Tony further stated: “This Company has a Reg A financing approved and in place. The financing program will assist the growth of Caravel and assist us in the financing of our real estate development. We will consolidate the financial statements with M Line. We will also have audits completed for SQCC with the same year end as M Line so that both Companies can become fully reporting and we will file registration statements for both companies. We expect to use either March 31 or April 30 as our year end. Our lenders have agreed that they will consider extending the suspension of dilution beyond the value date.”
About M Line Holdings, Inc.
M Line is a Holding Company. It controls subsidiaries involved in the Beverage Branding and Distribution industry that includes our branded drinks. In addition, M Line controls two subsidiaries in Florida in the Food and Beverage distribution business and M Line has now expanded into the Cannabis Industry with the acquisition of our C-Pod manufacturing business. M Line owns three restaurants and an event center in Arizona and land for development. M Line will continue with its business financing activities while looking for other opportunities in the Beverage, Distribution, hospitality and Cannabis industries as well as other prospects that make sense to management.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intend to identify forward-looking statements. Investors are cautioned that any such forward-looking statement is not a guarantee of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For more information contact Tony Anish
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Follow us on Twitter: @mlinehc
Web site: www.mlinehc.com
Caravel Web site: www.drinkvea.com / @DrinkVea
Torque® site: www.drinktorque.com / @DrinkTorque
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