American Green Inc. announced it has signed a binding letter of intent to acquire VendWeb, the company that has been the supplier of American Green Xpress (AGX) vending machine with facial recognition and over age 21 ID verification, which allows the purchase of age-restricted products.
American Green has already secured the binding letter of intent with a cash deposit and will announce the final agreement details including Vendwebs financial information upon final board approval in early April of this year.
“VendWeb has been a fantastic company to work with over the last 5 years,” said American Green president, David G. Gwyther. “American Green has been working directly with Lindel Creed, the founder, and president, and is very excited about the acquisition as it will bring another strategic asset to American Green. ERBB has already identified a very promising business opportunity in the 21 and over age identification and verification vertical and will be expanding its American Green Xpress AGX vending business after the acquisition is complete. VendWeb gives American Green a competitive advantage for expansion and also gives it control over the manufacturing process which includes software development, integration, and the design and build process of the American Green Xpress AGX machines.”
The addition of VenWeb also produces a synergy that allows American Green to increase revenue, productivity, and its customer base through VendWeb’s current clients all while reducing manufacturing costs.
Lindel Creed, VendWeb’s owner, added: “I am excited that I will be a part of the team to ensure the smooth transition of VendWeb into American Green. VendWeb has been instrumental in the manufacturing of the AGX including the development and integration of American Green’s proprietary software with the Jumio custom-engineered facial recognition software. This process works in conjunction with biometrics to verify and identify people over the age of 21, allowing them to purchase age-restricted products such as alcohol and cannabis from one of the most technologically advanced vending machines available.”
Today, American Green, with its more than 50,000 certified beneficial shareholders, is one of the largest (in shareholder count) in the cannabis sector.
Watch a video demonstration of the AGX age identification and age verification vending machine at https://www.youtube.com/watch?v=jv2FNLSnvw4