IGC Annual Meeting of Stockholders: August 6, 2018
July 10 2018 - 7:00AM
Business Wire
India Globalization Capital, Inc. (NYSE American: IGC) announces
that it will hold its Annual Meeting of Stockholders on August 6,
2018 at 11410 Isaac Newton Sq., Suite 100, Reston, VA 20190, at
11:00 a.m. local time, for shareholders as of the record date July
5, 2018. The Annual Meeting will commence with a discussion and
voting on the matters as disclosed on the Definitive Proxy on Form
14A filed with the SEC on July 6, 2018 followed by a report on our
operations and strategy for growth.
Annual letter to IGC shareholders as of record date July 5,
2018:The results for the twelve-months ended March 31, 2018,
reflect our two lines of business and our efforts to create a
fundamental transformation in our model.
In 2018 we reported revenue of about $2.2 million from our
legacy business: trading (at a modest profit) in different types of
steel and other infrastructure-related material in and outside of
India. By this time next year, we expect to report revenue from our
medical cannabis business.
Our flagship product is a first in the cannabis industry and is
based on years of research that resulted in a patent filing, which
we acquired from the University of South Florida. The liquid
formulation, Hyalolex, that we have tagged as ‘drops of clarity’ is
novel and studies show that its active ingredients can potentially
help alleviate symptoms and lead to better management of
Alzheimer’s patients. Worldwide, about 44 million people suffer
from Alzheimer’s that is responsible for 70-80% of all dementia,
and there is no cure. Our strategy for the next year is to license
Hyalolex, state by state, for sale in legal dispensaries as a
complementary medicine. We expect to first focus on the East Coast
followed by the West Coast and then Canada.
In 2018 we worked on a QR-code based product assurance,
information dissemination, and data collection system. In 2019 we
expect to create a mobile optimized version that will expand the
product information available to patients to include location of
dispensaries that carry our products, based on zip code, while
simultaneously allowing us to gather valuable data and feedback
through patient’s surveys. The blockchain based backend will allow
for inputs directly from growers, processors, and dispensaries.
This information will collectively display product identification,
and product origination, by providing the patient with specific
details regarding the origin, chemicals, and processes used to
manufacture the product. We expect this to be another industry
first.
Over the past 4 years we have spent our energy in the medical
cannabis industry that has culminated in the development of a
flagship product, which we are in the final stages of launching.
While ever mindful of industry uncertainties that can upset our
timetable, we are confident that our efforts will be reflected in
our performance during 2019:
- We expect to generate revenue from
Hyalolex.
- We will be adding to our distribution
channels in more states.
- We will make progress on new
products.
- Our blockchain efforts will become more
visible.
In short, we really will be a transformed company as the promise
inherent in our vision becomes a reality – and that reality will be
characterized by growth from the sale of the right products serving
enormous and growing market (and human) needs.
For our investors and friends, meeting these milestones will
result in meaningful achievements for IGC while validating our
belief that our market capitalization should be a multiple of where
it stands today. This is an exciting time to be involved with
IGC.
Sincerely,Ram MukundaCEO
About IGC:
IGC has two lines of business, (i) a legacy commodity trading
and infrastructure business, and (ii) a cannabis based
complementary medicines business that has developed a lead product
for treating Alzheimer’s patients. IGC recently announced that it
is working on using blockchain to address issues specific to the
cannabis industry including transactional difficulties, product
labeling, product identification assurance (PIA), and product
origin assurance (POA). IGC is based in Maryland, USA.
For more information, please visit www.igcinc.us
Follow us on Twitter @IGCIR and Facebook.com/IGCIR/
Forward-looking Statements:
Please see forward looking statements as discussed in detail in
IGC's Form 10K for fiscal year ended March 31, 2018, and in other
reports filed with the U.S. Securities and Exchange Commission.
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India Globalization Capital, Inc.Claudia Grimaldi,
301-983-0998