NEW YORK, May 7, 2015 (GLOBE NEWSWIRE) -- Tumbleweed Holdings, Inc. (OTC:DCDC) is pleased to announce they have recently signed a Letter of Intent to partner with a leading cannabis delivery service in Southern California, in order to develop a new jointly owned subsidiary specializing in cannabis ecommerce and related mobile technologies.
This new partnership will develop and deploy software and mobile applications for the delivery of cannabis and related e-commerce services, where such delivery services are legal. The platform will build upon the current proprietary logistics and customer service technologies developed by the still-undisclosed company, which has been operating successfully for the past several years with over 20,000 customers to date. The jointly-owned venture will be responsible for the enhancement and development of mobile delivery and e-commerce related applications for both consumer and retail users in state-specific markets where cannabis and its delivery has been and will be legalized.
According to Gary Herman, Tumbleweed's Chairman and CEO, "Along with the recent additions of several seasoned digital technology experts to our leadership team, we believe that this new partnership offers us the chance to surpass the current crop of technology plays in this space. Business owners and consumers with whom we have spoken consistently indicate frustration that the technology available in the cannabis space does not match the usefulness that technology offers in other product categories. We believe this joint partnership can help us solve that problem for the market."
Added Patrick Moore, Tumbleweed's Chief Technology Officer, "The intersection of mobile technology and cannabis delivery is an obvious opportunity as the legalization trend continues to grow across the country. Combining our technology vision and ability to execute with the market tested delivery infrastructure of our partner gives us confidence we will make a strong impact."
About Tumbleweed
The Company's strategy is to pursue acquisitions and investments in the emerging legal cannabis sector, with a goal of operating businesses in product testing, business intelligence, and technology and data applications, as regulations permit. We acquire, invest in and operate both established businesses and innovation-focused start-ups with strong management teams and business models in this sector.
Opportunities under active consideration include scientific product testing facilities, software applications and data systems for the legal cannabis market, and other related product development solutions.
Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Tumbleweed's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the Federal and State levels. For a more detailed description of the risk factors and uncertainties affecting the Company, please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.