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MIAMI, July 22, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Tiger Reef, Inc. (OTC: TGRR) (“Tiger Reef” or the “Company”), an emerging leader in cost-efficient clean energy solutions targeting the CBD and legal Cannabis markets and producer of ultra-premium rum under the Tiger Reef® brand designation, is pleased to announce the signing of a Letter of Intent (“LOI”) for the acquisition of Atlas Solar Holdings, LLC (“Atlas Solar”).
The move represents a powerful step by the Company as it aggressively pursues a dominant position as a provider of tailored energy solutions targeting the $492 million market comprised of energy demand from cannabis and CBD producers.
“In our conversations with cannabis and CBD producers, the most important factor on these guys’ minds is how to compress energy costs,” commented J. Scott Sitra, Tiger Reef’s President and CEO. “According to our research, no one else out there is pursuing a pure-play strategy targeting tailored solutions to that rapidly growing problem. We have that solution and we are scaling up to make a run at dominating the niche.”
Management notes that Atlas Solar currently owns and operates a total of 34 state-of-the-art industrial solar installations producing over 420,000 KWh of solar electricity annually. As a result of this production level, Atlas Solar earns over 420 solar renewable energy credits (SRECs) per year. In addition, Atlas is producing positive net cash flow of approximately $120,000 annually from operations directly related to solar power generation.
The LOI provides for a ninety-day period of negotiation and good faith formalization of the terms of a transaction through which Tiger Reef seeks to purchase all of the assets and operations of Atlas Solar, with this 90-day period beginning upon the declaration of an “effective” date of Tiger Reef’s previously announced Regulation A offering documents by the Securities and Exchange Commission (SEC), unless both parties agree to extend these terms.
“As we have previously communicated to investors, one of most important priorities with our newly accessed funding is the rapid expansion of our primary operations as the leading solution for the cannabis and CBD energy space,” continued Mr. Sitra. “Atlas Solar represents a perfect example of our sense of a strong ROI deployment of those funds because it directly augments the ammunition we have as we aggressively market our solution to companies that represent an exciting combination: they are both cash-rich and in sore need of a long-term path adjustment for energy costs, which is precisely what we have to offer.”
About Tiger Reef: Tiger Reef is a developer and operator of solar and clean renewable energy projects focused on reducing overall energy costs and the carbon footprint for Cannabidiol (CBD) producers and legalized marijuana growers. Tiger Reef also has developed a line of ultra-premium rums under the Tiger Reef® brand. For more information, visit www.tigerreefinc.com.
Forward Looking Statements: Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Tiger Reef, Inc. (“Tiger Reef”) assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, other than as required pursuant to applicable securities laws. For a description of additional risks and uncertainties, please refer to Tiger Reef’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report filed on Form 10-K.
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