Newealth US Inc., a Universal Apparel & Textile Company (DKGR:OTC) subsidiary, has entered into a joint venture agreement with Medican Enterprises Inc. (MDCN:OTC) in connection with the purchase and development of 20 acres of El Encanto Vineyard, an asset of Newealth US Inc., for the production of vintage wines to be labeled and distributed on behalf of Medican. The estimated contract price stemming from this agreement is $800,000 and it will allow for the phased in planting of 10 acres per year. Newealth will maintain a 25% share of the net proceeds along with an exclusive vineyard management contract to be executed in conjunction with Anthony Silveira, our esteemed project manager. Newealth is currently coordinating the licensing, labeling and distribution of the targeted Moscato vintage by providing inventory from our existing local grape stock for immediate distribution on behalf of Medican.
Updates will be forthcoming.
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise