Coconut Creek, FL --
February 20, 2018 -- InvestorsHub NewsWire -- Bahamas
Development Corporation (OTC:
BDCI) has retained counsel to assist the Company in filing a
Form 10 with the SEC.
The newly retained counsel
has authored a legal opinion for the auditors so the audit of the
Company can resume. The audit process was halted in January of 2017
after the discovery of a transaction that closed 2009. The audit
team had successfully completed rolling the financials forward from
January 1, 2014 through September of 2016.
The audit process is
expected to resume shortly while the Company works with its legal
team to draft the Form 10 filing.
BDCI is engaging a contract
CFO to assist the Company in completing the audit process. The
contract CFO will work directly with the auditors on behalf of the
Company during the audit process and should help speed the process
up.
The completion of the Form
10 will bring enhanced transparency as well as additional liquidity
to the shareholders.
Bahamas Development through
its majority ownership of Cannabis Consortium, Inc. is moving
rapidly into the MJ sector. Over the coming weeks the Company will
be releasing updates on its progress in
California.
The Company has withdrawn
its pending name change with FINRA. The decision was based on the
progress being made entering the MJ sector and potential changes to
the Company that might come as a result of future transactions,
such as the Company's name and/or management.
About Cannabis
Consortium
Cannabis
Consortium:
Cannabis Consortium is
comprised of four (4) revenue streams compromising specialty items,
foodstuffs, beverages, and one (1) research division. Three (3) of
the revenue streams are derived from edibles and the other revenue
stream is from investments. The research division will focus on the
medical benefits of CBD oils for the treatment of
animals.
Trans Global Group, Inc.
(OTCPINK:
TGGI) is the majority shareholder of BDCI and has an exclusive
marketing agreement with Cannabis Consortium for its specialty
products.
Bahamas Development
Corporation, in compliance with SEC regulations, may in the future
use social media outlets like Facebook or Twitter and its own
website to announce key information in compliance with Reg
FD.
Forward-Looking
Statements
This news release contains
"forward-looking statements" as that term is defined in Section
27(a) of the United States Securities Act of 1933, as amended and
Section 21(e) of the Securities Exchange Act of 1934, as amended.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other
things, estimates of services and equipment markets, release
of corporate apps, growth of platform, target markets, product
releases, product demand and, business strategy. Actual
results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among
others, the inherent uncertainties associated with new projects and
development stage companies. These forward-looking statements are
made as of the date of this news release, and we assume no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Although we believe that any
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance that any such
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also consider that any investment in securities
is at risk.
Details of the Company's business, finances, appointments and
agreements can be found as part of the Company's continuous public
disclosure on otcmarkets.com.
For additional information
about this release please contact:
Investor Relations:
Matt Dwyer
matt@cannabisconsortium.net
www.cannabisconsortium.net
954-905-9896