PAOG Officially Appoints Karl Riedel as New CEO and President
February 11 2019 - 9:17AM
InvestorsHub NewsWire
PAOG Officially Appoints Karl
Riedel as New CEO and President
SANDUSKY, Ohio -- February
11, 2019 --
InvestorsHub NewsWire -- PAO Group, Inc.
(OTC:
PAOG), a holdings
company dedicated to alternative patient care treatments including
the proper use of medical cannabis, and through its subsidiaries
who are currently growing medical cannabis in the state of Michigan
and pursuing
additional MMFLA licensing through LARA for the cultivation,
processing, and transportation of medical and recreational
cannabis, is
pleased to announce that Arthur Hall has officially stepped down
and has fully passed the PAOG leadership torch to CEO Karl Riedel
and Riedel's management team.
Former PAOG CEO Art Hall
commented: "It has been a joy and privilege for me to serve as CEO
and I'm thrilled to leave the Company in the more-than-capable
hands of Karl Riedel and his management team. Though I am moving on
to be wholly committed to Rising Biosciences,
Inc
(OTC::RBII), I believe there will be
synergies between the two companies that make strategic sense and
add genuine value for shareholders now and later."
Arthur Hall officially
stepped down as
PAOG CEO on February 9, 2019. As a gesture of goodwill to the
incoming management and former shareholders and also to affirm his
belief in the potential for future synergies with Rising
Biosciences, Mr. Hall's last corporate action before
resigning was to
reduce PAOG's debt by another $86,243.00 through the asset purchase
of PAOG's clinics. Furthermore, Mr. Hall ensured that PAOG received
417,852 Preferred Class A stock of RBII, along with the exclusive
licensing rights to manufacture RBII's complete line of cannabis
products (including Cannophen) in the state of
Michigan.
PAOG CEO Karl Riedel commented:
"This transition has been incredibly smooth and Art Hall has
repeatedly demonstrated his commitment to the incoming management
team, the shareholders, and my new
direction for the Company. Over the past 45 days through working
with Art we've been able to eliminate almost $1.3M worth of debt
including the recent $86K reduction, as well as gain a significant
piece of ownership in RBII. I truly hope that investors are
getting the big picture that I am building something of real value
for PAOG that will stand the test of time."
PAOG CEO Karl Riedel concluded:
"I want to reiterate that we have our sights set on a
long term
goal of expansion
into other
markets in the cannabis industry, and our aim is become a major
player and potential acquisition target, or begin acquisitions of
our own. The cannabis industry is growing at a rapid rate, and the
political climate in the United State is ripe for
the
current 'green
rush.' According to the CEO of Altria
Group Inc. (MO)*, Howard Willard recently stated that he
anticipates the global cannabis market could reach $40 billion
within 10 years with no new legalization laws, but up to $250
billion if marijuana becomes legal worldwide.
Altria has been investing in many different companies in and around
the sector, including a $1.8 billion investment for 45% stake in
Cronos Group Inc., a Canadian marijuana company, as well as a $12.8
billion investment for 35% stake in Juul Labs Inc., the world's leading
e-cigarette and vape manufacturer. Altria's CEO has made it very
clear that they are not planning to stop at these recent
investments. When I see statements like this from the industry's
biggest players, I know that PAOG is in the right
sector at the right time."
*https://www.morningstar.com/news/dow-jones/TDJNDN_201902011948/marlboros-maker-forecasts-more-declines-in-cigarette-sales-wsj.print.html
ABOUT PAOG:
PAO
Group, Inc. (OTC:
PAOG) is a publicly
traded holdings company in America dedicated to
alternative
patient care treatments, including the proper use of medical
cannabis. Through its subsidiaries and investment holdings, the
company focuses on the growing, processing, and transportation of
premium medical cannabis products for the treatment of
chronic and
terminal patients.PAO
Group's holdings
include RSB Management, Inc. a team of highly experienced business
management professionals focused on expanding the medical cannabis
market in Michigan and other medically legal States in the USA.
RSB manages a
Michigan-based limited-liability corporation, High End Products
LLC, which is currently in the process of applying for medical
marihuana facility licensing in the state of Michigan through the
Department of Licensing And
Regulatory
Affairs (LARA).
"Our mission is
to combat the opioid epidemic in America through the responsible
use of medical cannabis."
The company is
headquartered in Sandusky, OH, with offices in Detroit, MI and
Miami, FL.
Visit our website at:
www.PAO.Group
| Contact
Us: info@pao.group or 1-888-2-PAOGROUP
(1-888-272-6472).
"Like" and "Share" PAO Group on
Facebook@paogroupinc and Follow us on Twitter@paogroup
Forward-Looking Statements:
Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act
of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934,
and are subject to the safe harbor created by those rules.
All statements, other than statements of fact, included in this
release, including, without limitation, statements regarding
potential future plans and objectives of the company, are
forward-looking statements that involve risks and uncertainties. There
can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Technical complications,
which may arise, could prevent the prompt implementation of
any strategically significant plan(s) outlined above. The Company
undertakes no duty to revise or update any forward-looking
statements to reflect events or circumstances after the date of
this release.
CONTACT
INFORMATION
Contact Us:
info@pao.group
1-888-2-PAOGROUP
(1-888-272-6472)
PAO (PK) (USOTC:PAOG)
Historical Stock Chart
From Aug 2024 to Sep 2024
PAO (PK) (USOTC:PAOG)
Historical Stock Chart
From Sep 2023 to Sep 2024