USMJ Announces Spinoff and Dividend LOI Similar To PURA
October 05 2018 - 11:01AM
InvestorsHub NewsWire
LOI Structured To Issue One New Share Of
Stock For Every Fifty Shares Of USMJ Stock W/No
Recap
DALLAS, TX
-- October 5, 2018 -- InvestorsHub NewsWire
North American
Cannabis Holdings (USOTC:
USMJ) ("USMJ") has a letter of intent (LOI) to affect a spinoff
similar to the transaction announced yesterday with Puration, Inc.
(USOTC:
PURA) (“PURA”) and Nouveau Life Pharmaceuticals, Inc. (USOTC:
NOUV) (“NOUV”). We just haven’t yet disclosed the name of
target company, but we plan to by the end of next week and we
accordingly plan to close the spinoff transaction with the target
company promptly thereafter.
The USMJ spinoff
transaction LOI details the intended sale of USMJ’s cannabis theme
restaurant subsidiary to the yet to be disclosed public company in
exchange for a security issued by the target company that will be
converted into common shares of the target subsidiary and
distributed to the shareholders of USMJ in a stock dividend
distribution. The planned dividend distribution ratio is
structured for every USMJ shareholder to receive one share of
target company stock for every fifty shares they own of USMJ.
The dividend distribution plan is not contingent on a
recapitalization of either USMJ or the target company. In
other words, neither USMJ nor the target company intend to reverse
of forward split the stock of the respective company. In
further clarification of the planned spinoff transaction, USMJ
shareholders keep all the stock they own and are issued new shares
in the target company.
The spinoff
transaction is part of a strategic plan for USMJ to leverage its
cannabis market sector brand name recognition by launching and
rapidly expanding a cannabis retail e-commerce business – the
Amazon of cannabis, if you will.
Learn more about the
company’s overall business strategy and history at www.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.
Steven
Rash
CEO North
American Cannabis Holdings, Inc.
info@aciconglomerated.com
+1-800-861-1350
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