DALLAS, July 10, 2020 /PRNewswire/ -- Puration, Inc. (USOTC: PURA) confirmed that the previously announced management buyout of a separate public company that will in turn purchase PURA's cannabis cultivation spinoff in exchange for common stock is scheduled to close today. The common stock issued in exchange for the PURA spinoff is intended to be issued to PURA shareholders in a dividend distribution.
PURA had previously spun-off its cannabis cultivation operation to Nouveau (USOTC: NOUV) and is now unwinding that deal and moving forward with this new deal that is structured to resolve the delayed issue of a previously planned dividend to PURA shareholders.
NCM Biotech, a subsidiary of Kali-Extracts (USOTC: KALY) will also be acquired and merged with PURA's cannabis spinoff.
The management team purchasing control of the target public company is expected to simultaneously announce the planned acquisitions of PURA's cannabis cultivation company and KALY's NCM Biotech. With the management buyout scheduled to close today, the acquisition announcement and plans with PURA's cannabis cultivation spinoff and KALY's NCM Biotech are expected on Monday, July 13, 2020.
PURA's cannabis cultivation operation is thriving. The operation has recently purchased and relocated to a new property from its former leased property. Texas lawmakers have recently implemented hemp friendly farming regulations and in so doing, universities within the State of Texas have initiated hemp farming research programs. PURA's cannabis cultivation spinoff has initiated a number of joint research applications with Texas universities.
NCM Biotech is focused on medical research and the development of treatments derived from its patented cannabis extraction process. See a recent research report on CBD extracts derived from NCM Biotech's patented extraction process: Journal of Cannabis Research.
For more information on Puration, visit http://www.purationinc.com
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.
SOURCE Puration, Inc.