The Road Ahead for SK3 Group (OTC: SKTO): A Letter to Shareholders
June 20 2014 - 9:15AM
Marketwired
The Road Ahead for SK3 Group (OTC: SKTO): A Letter to Shareholders
LOS ANGELES, CA--(Marketwired - Jun 20, 2014) - SK3 Group (OTC
Pink: SKTO) (PINKSHEETS: SKTO) makes the following statement:
Dear Shareholders:
Our stock is set to trade again on the over the counter market
grey sheets beginning upon the opening of the markets on June 20,
2014. We appreciate the support of our shareholders during the
past two weeks. Our corporate teams has heard from far more
supportive and encouraging investors than we have heard from
discouraged and negative investors, and that has buoyed on our
staff's commitment to continuing to grow the business during this
trying time.
We believe we have fully disclosed all material items in our
filings and are not aware of any material omissions or
misstatements in those reports. We are unaware of any activity
in the trading of our stock that could create concern. We are
communicating with the SEC to elicit and answer any questions they
may have.
Business Growth and
Development
During the past two weeks, while trading in the shares has been
suspended, the Company has been continuing to grow the business and
plan its going forward strategy.
We are happy to report that the Company's business has continued
to grow, with increasing sales of our products. We have had to
hire additional drivers to service the increased demand for
products to be delivered by www.pharmajanes.com.
As we reported earlier this week we are committed to launching
the products and services we have already announced and you will
see more news from us on this front as we go forward.
I am pleased to report that we are also engaged in new
initiatives to grow the business, including being in late-stage and
interesting potential partnerships with a variety of medical
cannabis-related business partners, which we will be in a position
to announce soon.
The Merger: A New
Vehicle
Alternative Energy Partners, Inc. ("AEGY") has advised us that
it has agreed in principal to merge with or be acquired by a
Canadian company listed on the Canadian Stock Exchange, with a dual
listing on the Frankfurt Exchange to be applied for thereafter, and
a letter of intent has been received by the AEGY and nearly all of
the terms have been agreed and approved by the Board of Directors
of the AEGY. The letter of intent is expected to be signed no
later than Monday, June 23, 2014, followed by the preparation of a
definitive acquisition agreement. This transaction should be
completed in the next 4 to 6 weeks, and will position AEGY and SKTO
to undertake regulatory testing and approval of their
cannabis-based products in Canada, where regulatory standards for
cannabis-related product testing are more encouraging. It will
also result in a more orderly trading market for the common shares
of the companies, which will help to end some of the trading
difficulties currently faced by the Company's shareholders. Once
the transaction with the Canadian public company has been closed,
it is intended that the previously announced merger between the
Company and AEGY will be completed in the Canadian public company,
such that one entity will move forward from the two
companies. The boards of directors of both companies have
approved this transaction.
Specific details of the planned acquisition transaction and its
effect on the Company and its shareholders will be provided as soon
as the definitive acquisition agreement has been signed, but the
Company will update shareholders when the letter of intent has been
signed. Rest assured that we will continue to move forward
with maintaining any requisite regulatory filings and we will audit
our financials if and as required to do so.
Corporate Governance
and Operations Changes
While this merger is moving ahead, we are commencing a search
for a full-time CEO for the merged company, and we will be
restructuring the board of directors for the new company, so that
the new company's board of directors will look and function
increasingly like a traditional public company board of directors,
with a combination of directors drawn from management and
independent directors, as well as having committees overseeing
audit, compensation, and nominating and governance
functions. We are also going to be enhancing the new company's
capabilities by creating and building out an advisory board of high
profile and well placed individuals in the industry and related
roles to assist the new company in its growth. We are also
seeking an appropriately qualified CFO to join the new company so
that everyone will have confidence in our financial statements and
their presentation.
Thank You
I want to thank our shareholders and customers for continuing to
believe in the Company and its business model, and we look forward
to the exciting days ahead as we continue to serve the growing
population of medical cannabis patients in California, and later
nationwide.
Sincerely,
Artemus Mayor President
FDA Statement The statements in this document have not been
evaluated or approved by the FDA. The products and statements
referenced in this document are not intended to diagnose, treat,
cure, or prevent any disease.
About SKTO SK3 is a healthcare logistics and fulfillment
consultancy focused on the delivery of alternative care and
medicine. With seasoned management, breakthrough technology and
best practices, SK3 brings standardization and transparency to this
rapidly growing segment of the alternative care field.
Safe Harbor Statement This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements are based on the
current plans and expectations of management and are subject to a
number of uncertainties and risks that could significantly affect
the company's current plans and expectations, as well as future
results of operations and financial condition. A more extensive
listing of risks and factors that may affect the company's business
prospects and cause actual results to differ materially from those
described in the forward-looking statements can be found in the
reports and other documents filed by the company with the
Securities and Exchange Commission. 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.
CONTACT: SK3 Group Investor Relations
investors@medicalgreens.com
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