Kuboo, Inc., (OTC Pink: SGTB) dba Safe Communications, Inc. (“Safe”), and Northsight Capital, Inc.(OTCBB: NCAP)(OTCQB: NCAP), announced today that Northsight Capital (“NCAP”), Safe’s 80% owned subsidiary, has signed a letter of intent to acquire approximately 7,000 domains, all in the marijuana/cannabis/hemp space. NCAP is expected to change its name to “The Marijuana Advertising Group” after completion of the transaction. Safe is expected to retain approximately ten percent of the fully diluted equity of NCAP, after giving effect to the acquisition and related transactions, including anticipated initial funding in the amount of $1 million, while the seller of the Domains is expected to own about 80% of NCAP after completion of these transactions. Following completion of the proposed acquisition, Safe anticipates spinning off to its shareholders all of its shares of NCAP, subject to compliance with applicable securities and other laws.
The closing of the acquisition is subject to satisfaction of certain conditions, including NCAP raising a minimum of $
750,000 to fund the build out of the website, among other things. The letter of intent is non-binding, except as to confidentiality and similar non-transactional provisions.