SANTA ANA, Calif., April 2, 2013 /PRNewswire/ -- Latteno Food Corp. (OTC: LATF) announced today that, pursuant to a special meeting of the Board of Directors, the Directors have passed a resolution approving a stock dividend to all stockholders of record. The exact timing and setting of the official record date will be shortly announced pending completion of the requisite resolutions and required filings with FINRA.
In anticipation of the implementation of the new growth plan and recently announced acquisition of the California-licensed Green Cannabis Collective Inc., and as a reward for the past loyalty and patience the shareholders have shown, the Board has approved a Stock Dividend that will pay all shareholders of record a 2% stock dividend. This dividend would issue each shareholder 2 new Latteno Food Corp. shares for every 100 held.
Upon formal approval and setting of the official Record Date, new share certificates will be mailed directly to all qualifying shareholders of record by the Company's Transfer Agent within 30 days of the Record Date. The Company recommends that all stockholders contact their brokers to ensure their mailing information is current so that there will not be any issues in the delivery of the new stock certificates.
Early this year, in preparation for the launch of its entry into the lucrative Medical Marijuana market, the Company announced that it had brought current all its federal and state filings and had been upgraded by OTC Markets to the highest trading status of "Current Information." By meeting the OTC Markets Group Guidelines for Providing Current Information guidelines, the Company is now designated by OTC Pink Current Information.
Based on its upgraded OTC status and as a first step in its aggressive expansion plans, the Company announced the acquisition of the California-licensed Green Cannabis Collective Inc. to further expand its medical marijuana edibles product line, distribution scope, together with enhanced research and development capabilities.
"We have approved this Stock Dividend to reward the loyalty and patience the shareholders have shown and look forward to their continued loyalty as we implement our aggressive growth plans in the very lucrative medical marijuana market," stated Thu Le, CEO/President of Latteno Food Corp.
About Latteno Food Corp. (Latteno.com)
Latteno Food Corp. is an investment portfolio company that acquires food products, medical marijuana edibles and related products/services to enhance their growth and development. The company builds revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and product licensing or distribution agreements.
About Green Cannabis Collective Inc. (Green-Cannabis.com)
A Southern California-owned and licensed medical marijuana dispensary and transporting. The specific purpose of this corporation is to collectively facilitate medical marijuana cultivation and transactions by and between qualified patient members of this corporation and/or primary caregiver members who have the oral or written approval or recommendation of a licensed physician, as permitted and authorized by the Compassionate Use Act of 1996 (Health and Safety Code section 11362.5) and the Medical Marijuana Program Act (Health and Safety Code sections 11362.7 – 11362.83).
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient
Contact: Investor Relations (714) 426-2955
SOURCE Latteno Food Corp.