PAOG Announces Management Takeover and Medical Cannabis Strategy Revitalization
14 Jul, 2020, 08:00 ET
SANDUSKY, Ohio, July 14, 2020 /PRNewswire/ -- PAO Group, Inc. (USOTC: PAOG) today announced the company's senior management team has acquired majority control of the company. The current Chief Executive Officer (CEO), James, C. DiPrima, leading a strategic team of managers, has purchased from a third party, preferred stock holding majority voting rights. Mr. DiPrima plans to remain as CEO. The management team has designed a revitalized medical cannabis strategy involving two planned acquisitions anticipated to be finalized in the coming weeks.
"I am enthusiastic about PAOG's revitalization initiative to move forward again on its original mission to provide patient care alternatives to traditional patient care solutions," said CEO James C. DiPrima. "As part of our overall medical cannabis strategy, we are committed to mitigating the opioid epidemic by providing appropriate medical cannabis alternatives. Our revitalization plan involves a complete exit of our previous endeavors and the implementation of an all new initiative through the planned acquisition of two currently operating businesses within the medical cannabis sector. I must also mention my gratitude to the many parties, old and new, that patiently came together taking a leap of faith to move this revitalization opportunity forward."
PAOG intends to acquire NCM Biotech from Kali-Extracts, Inc. (KALY). 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.
PAOG also intends to acquire a cannabis cultivation operation from Puration, Inc. (PURA). The cannabis cultivation operation is thriving and 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.
PURA had previously spun-off its cannabis cultivation operation to Nouveau (USOTC: NOUV) and is now unwinding that deal to move forward with PAOG.
Look for more details on PAOG's revitalization coming soon.
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.
SOURCE PAO Group, Inc.
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