"The Cannabis Connection," Virogen's New Business Unit, Finds Enthusiastic Response to Growth-Through-Acquisition Model from Medicinal Marijuana Dispensary Targets Company Confirms Cancellation of 1 Billion Shares, Continuing Efforts to Cancel Additional 5 Billion Shares and OTC Marketplace Update
SAN GERONIMO, Calif., May 8, 2013 /PRNewswire/ -- Virogen Inc. (OTC:VRNI), a holding company that owns Tiger Team Technologies and The Cannabis Connection, today advised of its progress following recent announcements concerning its new business unit, The Cannabis Connection, a company initiative designed to capture a portion of the $15-20 billion legal marijuana market.
"Since we announced The Cannabis Connection initiative last week, we have reached out to dispensaries that we view as potential acquisition candidates and have been met with an extremely enthusiastic response," said Paul Hogan, President of VRNI. Mr. Hogan continued, "there are many, many exciting dispensary acquisition opportunities that do not require significant capital investments, but which offer us a seamless entry into an established, expanding market. After completing an acquisition, we intend to 'rebrand' the dispensary with our boutique concept that emphasizes gracious and discrete client services in luxurious surroundings."
VRNI also announced that it has begun discussions with several potential acquisition targets, though these discussions remain preliminary in nature.
In regard to the previously announced cancellation and anticipated cancellations of large blocks of VRNI common stock, the company confirmed the earlier announced cancellation of 1 billion shares, as well as its continuing efforts to complete the cancellation of an additional 5 billion shares. The company stated that it expects to complete the cancellation of the additional 5 billion shares by the end of the second quarter of 2013. Updates to the company's OTC Marketplace information will be completed in the near future.
About Virogen, Inc.
In addition to developing its recently announced business unit, The Cannabis Connection, Virogen, Inc. is a technology holding company. The company's wholly owned subsidiary, Tiger Team Technologies "T3," has developed a unique suite of copyrighted tools to address the network and database security needs of enterprise level companies and corporations. T3's risk management offering provides an unprecedented level of security and liability protection, positioning it as one of the only companies with a comprehensive solution to data security breaches for its clients. T3's primary markets include medical service providers, financial services firms, brokerages and currency transaction platforms, consumer credit card companies, banking entities, retailers, defense and government related operations.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Virogen, Inc. and members of its management as well as the assumptions on which such statements are based. 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 contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions the occurrence of unanticipated events or changes to future operating results.
SOURCE Virogen, Inc.