USMJ and PURA Update Dividend Distribution Plans With PJET and NOUV To Include New Developments With WCVC and KALY
March 22 2019 - 11:39AM
InvestorsHub NewsWire
USMJ and PURA Update Dividend
Distribution Plans With PJET and NOUV To Include New Developments
With WCVC and KALY
Dallas, TX -- March 22, 2019 --
InvestorsHub NewsWire -- North American Cannabis Holdings, Inc.
(USOTC:
USMJ) (“USMJ”) and Puration Inc. (USOTC:
PURA) (“PURA”) today published an update on the progress the
two companies are making toward their respective planned dividend
distributions. USMJ and PURA are sister companies sharing
the same majority shareholder, ACI Conglomerated. In the 4th
quarter of 2018, USMJ sold its AmeriCanna Cafe Restaurant business
to an independently listed public holding company as part of a
strategy to support the restaurant business with a dedicated public
equity. The independently listed public holding company is
Priority Aviation (USOTC: PJET). The transaction between USMJ
and PJET includes a name change for PJET and a dividend of PJET
shares to USMJ shareholders. Similarly, PURA sold its
cannabis cultivation subsidiary to Nouveau (USOTC: NOUV). The
PURA and NOUV transaction also includes a dividend of NOUV shares
to PURA shareholders. The execution of the dividends is
taking longer than anticipated, but the plans have not
changed. The update below provides more details on the
current status and progress of the two dividend distributions to
include additional updates on the overall
business.
USMJ and PJET
Update and New WCVC
developments
In the
4th quarter of 2018, USMJ spun off its AmeriCanna Cafe
business through the execution of a securities exchange agreement
between USMJ and PJET.
USMJ has sold its AmeriCanna Cafe business in exchange for a
convertible purchase note issued by PJET. Neither USMJ nor
PJET are executing a reverse split in conjunction with this
transaction. USMJ and PJET do plan to promptly convert
the $1.5 million note into a number of common PJET
shares sufficient to issue one PJET common share for every fifty
shares of USMJ common shares issued and outstanding. All of
the PJET common shares issued in conversion of the purchase note
are slated for distributed to USMJ shareholders in a dividend
distribution. Nothing has changed in regard to this plan
since the execution of the agreement. The hurdle that remains
in front of the dividend distribution is bringing PJET current with
the OTC Markets reporting standards. The company has all the
reports ready to file pending OTC Markets being ready to accept the
filings. It appears that in an effort to improve OTC investor
protections, that the OTC has upped its scrutiny of issuers
applying to update their reporting, particularly with issuers that
have recently undergone a significant business change or capital
restructuring. Accordingly, we believe the OTC Markets review
is taking longer than anticipated.
USMJ has made
a number of announcements over the past several months regarding
its business developments with its interests in PJET/AmeriCanna
Cafe business and West Coast Venture Group
(OTCBB:
WCVC). WCVC is the owner and
operator of the $3 million Colorado based Illegal
Burger chain. WCVC has partnered with PJET/AmeriCanna Café in
rolling out an AmeriCanna Cafe pilot featuring an AmeriCanna Cafe
food truck in pop-up venues near a series of recreational marijuana
dispensaries in Colorado. The partnership is going well
and growing and shareholders can look for some exciting
announcments coming soon about new developments in the relationship
with WCVC.
PURA and NOUV and New Developments with
KALY
In the
4th quarter of 2018, PURA sold its cannabis cultivation
business to NOUV in exchange for a $1.2
million convertible note with a commitment that the note would
promptly be converted into shares of NOUV and that those converted
shares would be distributed in a stock dividend to the shareholders
of PURA. The plan remains unchanged. Similar to the situation
with USMJ and NOUV, the hurdle that remains
in front of the dividend distribution is bringing NOUV current with
the OTC Markets reporting standards. The company has all the
reports ready to file pending OTC Markets being ready to accept the
filings. It appears that in an effort to improve OTC investor
protections, that the OTC has upped its scrutiny of issuers
applying to update their reporting, particularly with issuers that
have recently undergone a significant business change or capital
restructuring. Accordingly, we believe the OTC Markets review
is taking longer than
anticipated.
Since NOUV and
PURA executed the cannabis cultivation transaction, the cannabis
cultivation business has been progressing with both its marijuana
cultivation business in Canada and its US, revenue generating
operations in the US. NOUV recently announced plans to plant
100 acers of Hemp this spring now that hemp farming is legal in the
US under the 2018 Farm Act. NOUV and PURA have also partnered
with Kali-Extracts (USOTC:
KALY) (“KALY”) to work together in the development of cannabis
pharmaceutical solutions. Together, the three companies have
entered into an agreement with Generex Biotechnology (OTCQB:
GNBT).
Management of
USMJ, PURA, NOUV and PJET are overlapping as the controlling
interest of all four companies is held by a private company, ACI
Conglomerated. Management is confident that progress with
bringing NOUV and PJET current with their OTC Markets reporting
standards is progressing and within reach. Keep checking back
for the latest updates.
Disclaimer/Safe
Harbor:
This news
release contains forward-looking statements within the meaning of
the Securities Litigation Reform Act. The statements reflect the
Company's current views with respect to future events that involve
risks and uncertainties. Among others, these risks include the
expectation that any of the companies mentioned herein will achieve
significant sales, the failure to meet schedule or performance
requirements of the companies' contracts, the companies' liquidity
position, the companies' ability to obtain new contracts, the
emergence of competitors with greater financial resources and the
impact of competitive pricing. In the light of these uncertainties,
the forward-looking events referred to in this release might not
occur. These statements have not been evaluated by the Food and
Drug Administration. These products are not intended to diagnose,
treat, cure, or prevent any
disease.
Puration,
Inc.
Brian
Shibley,
info@aciconglomerated.com
(800)
861-1350
Steven
Rash
CEO
North American Cannabis Holdings, Inc.
info@aciconglomerated.com
+1-800-861-1350
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