First Funding Tranche Supports Pat Pen Products Expansion
SAN DIEGO, CA (Uptick Newswire – February 12, 2018) – Mentor Capital, Inc. (OTCQB:MNTR) announced that it has extended into the Colorado cannabis market with its new investment in Pueblo West Organics, LLC. Cannabis veteran and Pueblo co-founder, Pat Leonard, comments, “Chet Billingsley and I first discussed working together back in 2013. It’s great to see things come together with Mentor Capital and Pat Pen Products, which are available throughout Colorado and soon headed to other states.” As is its historic practice, Mentor would be pleased to make a series of cannabis focused investments with Pat Leonard and has set up Mentor Partner II, LLC as a vehicle for that purpose. The initial investment here is an approximately $400,000 lease of a system for supercritical extraction.
Mentor CEO, Chet Billingsley reports, the timing and source of funds for this cannabis investment follow the January 23, 2018 check for $1,758,949, received by Mentor marking full recovery with interest of money owed to it by Bhang Corporation under a Judgment by the United States District Court for the Northern District of California, in Mentor’s favor and against Bhang Corporation. From an additional $286,718 also deposited by Bhang, for a total of $2,045,667, Mentor repurchased and recovered 117,000 shares of its common stock under the Judgment. In a related matter, on January 25, 2018 the United States District Court for the District of Utah dismissed a case which Mentor Capital had been defending and vacated its September 25, 2017 Memorandum Decision that questioned the authority of long ago warrant issuances in 2000.
With the closing of the Utah case on February 8, 2018, final receipt of funds, and resolving of remaining legal questions in Mentor’s favor, Mentor is free to rotate the Bhang funds over to Pat Leonard and others, and to resume its M&A activities in the cannabis space without restriction.
About Mentor Capital: The Company seeks to come alongside and assist private medical marijuana and cannabis companies and their founders in meeting their liquidity and financial objectives, to add protection for investors and to help incubate larger private cannabis companies. Additional important information for investors is presented at: www.MentorCapital.com
This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.
Forward Looking Statements: This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, corporate combinations, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as “should,” “could,” “expects,” “may,” “intends,” “seeks,” “looks,” “moves,” or “plans” and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: nonperformance of investments, partner and portfolio difficulties, potential delays in marketing and sales, problems securing the necessary financing to continue operations, problems involving continued illegality of cannabis products, potential of competitive products, services, and technologies, difficulties experienced in product development, in recruiting knowledgeable personnel and in protecting intellectual property. Further information concerning these and other risks is included in the Company’s Form 10-K and 10-Q filings which, along with other very important information about the Company, can be found here:
The Company undertakes no obligation to update or revise such forward-looking statements to reflect new information, events or circumstances occurring after the date of this press release.
For further information contact:
Chet Billingsley, CEO
Mentor Capital, Inc.
(760) 788 – 4700