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Hemp, Inc. Subsidiary Signs Lucrative Consultant Agreement With Webxu, Inc.

11/7/2012 4:47:48 AM

LAS VEGAS, Feb. 20, 2014 (GLOBE NEWSWIRE) -- Hemp, Inc.'s (OTC:HEMP) wholly owned subsidiary, The Industrial Hemp and Medical Marijuana Consulting Company, Inc. (IHMMCC), is pleased to announce that it has signed an agreement with Webxu, Inc. (OTC:WBXU), a media company that owns and operates a network of consumer branded websites and businesses focused on customer acquisition, e-commerce and mobile media, to provide consulting services in an effort to help expand their branded web and mobile development services into the industrial hemp and medical marijuana industries. According to the agreement, Webxu, Inc. will receive professional, ongoing, consulting services in the Industrial Hemp and Medical Marijuana Industries, specifically in the areas of online web development and advertising initiatives for its business and partnerships in the industry.

Per the agreement, Webxu, Inc. will pay an initial professional consulting fee of 8,000,000 shares of their common stock and then for each renewable term of the Agreement (a total of 3 years) an additional 2,640,000 common shares made payable to Hemp, Inc., on a quarterly basis. Based on the market closing price yesterday, the agreement equates to $312,000.00 down and $1,235,520.00, over the course of 3 years, for a total of $1,547,520.00 in profit for Hemp, Inc.

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