USMJ Announces $265,000 Convertible Debt Reduction And Further Balance Sheet Improvements Anticipated
May 23 2017 - 9:38AM
InvestorsHub NewsWire
Dallas, Tx – May 23, 2017
-- InvestorsHub NewsWire – North American Cannabis Holdings, Inc.
(USOTC:
USMJ) today announced reducing its overall outstanding balance
sheet liabilities by approximately 10% with $265,000 in convertible
debt being forgiven and removed from the balance sheet. The
reduction comes from the forgiveness of the outstanding balances on
two separate notes totaling $165,000, in addition to the $100,000
reduction of a $250,000 note. The debt forgiveness agreements
were reached in conjunction with the pending acquisition of the
controlling interest in USMJ by American Cannabis Innovations
Conglomerated (“ACI”) announced earlier this month. USMJ and
ACI anticipate this is only the first of several balance sheet
restructuring announcements intended to enhance shareholder
value.
USMJ is one of the first of five acquisitions in the cannabis
sector ACI has planned. ACI is seeking to acquire early
stage, undervalued cannabis businesses with intellectual properties
validated by market tests, if not initial commercial or consumer
sales. ACI expects to improve the operating efficiency of
acquired assets by streamlining redundant functions and leveraging
complimentary functions. ACI expects the potential for market
capitalizations of acquired companies to improve by transitioning
the acquired companies toward better investment structures, with
better terms, that are altogether better suited to their current
and more mature stage of development.
Learn More About USMJ:
growusmj.com
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.
North American Cannabis Holdings Contact:
Steven Rash
Phone: +1-972-528-0162
Email: Info@growusmj.com
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