Bethesda, May 6, 2014 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), announced that it has retained an industry executive to drive the development of the Company's newly launched initiative into the medicinal and legal cannabis industry. This individual will selectively consider acquisitions and organic growth opportunities within the United States, where the federal and state laws are still evolving, and in countries such as Canada, where cannabis and cannabinoids are licensed. The division will explore a variety of strategies including the provision of equipment, services and technology to support oil extraction, as well as building a portfolio of intellectual property that could eventually be applied to what could become a large viable market. The initial strategy includes developing partnerships with companies in Canada and India in an effort to gain intellectual property and position IGC for what may eventually become a potential U.S. legal marijuana market.
Mr. William Wilkerson, Director Operations, will be responsible for overall strategy, compliance, partnerships and operations. Previously, since 2004, he was employed in various capacities and in various countries including India, by Microsoft and Microsoft Research eventually rising to Senior Program and Product Manager, where he led multiple engineering teams and worked with academics and scientists to visualize organic materials, carbon forensics and hydrology. He possesses extensive expertise in deploying complex projects in both international and domestic settings. Mr. Wilkerson has a deep knowledge of indoor farming, hydrology, and oil synthesis from plants. Between 1984 and 1993 he worked with the U.S. Department of Defense. IGC has offered Mr. Wilkerson a package including salary, bonus and 1.3 million shares of common stock, of which 30% is a new hire inducement grant to leave Microsoft to join IGC and the remaining 70% is in the form of a performance based grant that vests on achieving specific targets set by IGC's Board. The majority of our independent Board approved the stock grant.
"We are pleased to welcome a seasoned leader to drive our growth in this emerging industry. The legal cannabis market is a fragmented business and our division is committed to seeking out opportunities organically or through acquisitions without limiting ourselves to the U.S. market," stated CEO Ram Mukunda.
Based in Bethesda, Maryland, India Globalization Capital, Inc. is engaged in the beneficiation, trading and rental industries in the U.S., China and India. The Company's plan in the short term is to create cash flow from existing assets and in the medium term to expand its asset base through opportunistic acquisitions. For more information about IGC, please visit IGC's website at http://www.indiaglobalcap.com.
Some of the statements contained in this press release that are not historical facts constitute forward-looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "proposed" or the negative of those terms. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond IGC's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, our acquisition and diversification strategy, our competitive environment, infrastructure demands, iron ore availability and governmental, regulatory, political, economic, legal and social conditions in, among other places, China and India.
Except as required by federal securities laws, IGC undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward-looking statements have been discussed in greater detail in IGC's Form 10-K for fiscal year ended March 31, 2013, and in subsequent reports filed with the U.S. Securities and Exchange Commission.
CONTACT: Contact: Claudia Grimaldi 301-983-0998
Source:India Globalization Capital