NOHO Inc (OTCMKTS:DRNK) has negotiated LOI to buy the two assets, Essential Marketing Systems, LLC and ChoiceAdz.com, Inc. The second firm in discussion has already achieved revenue of $350,000 in 2016 and is working profitably. Its estimated revenue for FY2017 is well beyond $1.8 million.

These firms currently function in the ads technology space and the deal will expand the firm’s product lines to provide consumers a bundled suite of business and advertising services from a direct and streamlined platform. The reported acquisitions are projected to be closed by December 15, 2016. They will be completed using the newly released preferred shares. More importantly, this will not result in any dilution to the current common shareholders.

The common stock amounting to 54 billion shares is exchanged by NOHO in the deal with Media360 Licensing, Inc. in September, shall be discharged and re-released as preferred shares as per the share exchange deal. In order for the firm to convert these newly issued preferred shares, an application will be required.

Cannabis advertising platform

Following the recent developments in the cannabis industry, NOHO is working to expand its Cannabis advertising platform to additional states where recreational pot is legalized under State law. The CEO David Mersky said that this is exciting period for the company. The growth plans will see company continue generating revenue producing acquisitions. Going as per the strategy to expand in the budding cannabis sector, they have commenced due diligence on various acquisition candidates. The company look forward to releasing updates as developments happen.

NOHO has authorized its guidance to effectuate its name change to IMBUTEK Corporation from NOHO, Inc., planning to trade under the proposed ticker of “IMTK”, or “IUTK.” This name change is planned to more accurately highlight the nature of the firm’s advertising technology business. However, till that time, the company’s stock will trade under existing symbol – ‘DRNK.’