PotNetwork
Holdings, Inc.
Withdraws Form 10
FORT
LAUDERDALE, FL -- December
13, 2018 --
InvestorsHub NewsWire -- PotNetwork
Holdings,
Inc. (OTC Pink:
POTN)
announced today that the
Company filed a request with the
Securities and Exchange Commission ("SEC") for the SEC to issue an
order allowing the Company to withdraw its
Form 10 Registration Statement and its exhibits filed on
October 15,
2018 (collectively, the
"Registration Statement"). The Company
plans
to file
an
updated Registration Statement
upon its
completion of its 2018 audit, anticipated to occur before the end
of the first calendar quarter of 2019.
The
withdrawal
request was not
the result of any discovery of accounting or other
irregularities with the Company's Registration
Statement. The decision
was made
by the Company's
management after discussions with the SEC
concerning the audit report filed as part of
the Registration Statement. The auditors were not able
to fully
audit the books and records of certain discontinued
operations of the company's former automotive sales
subsidiary for the calendar years 2015
and 2016. The automotive subsidiary was closed prior
to
the Company's
2017 reorganization and refocus on its current business
activities, unrelated to
any
automotive
business.
As may be read in
the Registration Statement, the auditors stated that the Company's
2017 financial statements presented fairly the
financial condition of the Company since they were able to fully
audit this period in accordance with
PCAOB standards.
The withdrawal of
the Form 10 will also delay the Company's uplisting to OTCQB as
the Company cannot apply
for an uplisting until its Form 10
Registration Statement is declared effective.
About PotNetwork Holdings, Inc: PotNetwork Holdings, Inc.
(OTC Pink:
POTN) is
a publicly traded company that acts as a holding company for its
subsidiaries, First Capital Venture Co., the owner of Diamond CBD,
Inc., the maker of Diamond CBD oils. For more information, please
visit its website at
www.PotNetworkHolding.com.
Safe
Harbor: 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, as amended. All statements
regarding our expected future financial position, results of
operations, cash flows, financing plans, business strategy,
products and services, competitive positions, growth opportunities,
plans and objectives of management for future operations, including
words such as "anticipate," "if," "believe," "plan," "estimate,"
"expect," "intend," "may," "could," "should," "will," and similar
expressions are forward-looking statements and involve risks,
uncertainties and contingencies, many of which are beyond our
control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. We are under no obligation to (and
expressly disclaim any such obligation to) update or alter
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: PotNetwork
Holdings,
Inc.
Investor
Relations: Marisol
Elwell