SANDUSKY, Ohio, Sept. 16, 2020 /PRNewswire/ -- PAO Group, Inc. (USOTC: PAOG) today announced an agreement with Puration, Inc. (USOTC: PURA) to build a proprietary hemp cultivar development facility on PURA's Farmersville, Texas branded site.
PAOG recently acquired a hemp cultivation business from PURA and is now expanding upon that business to develop a proprietary hemp cultivar in conjunction with the company's overall pharmaceutical focus.
PAOG is developing a hemp derived cannabidiol (CBD) pharmaceutical treatment for Chronic Obstructive Pulmonary Disease (COPD).
The COPD treatment, RespRx, is derived from a patented cannabis extraction method - U.S. Patent No. 9,199,960 entitled "METHOD AND APPARATUS FOR PROCESSING HERBACEOUS PLANT MATERIALS INCLUDING THE CANNABIS PLANT."
In an initial scientific evaluation as a treatment for COPD, RespRx has demonstrated effecting significant increases in respiration rate, tidal volume and inspiratory air flow rate. Overall data from the evaluation demonstrated that RespRx can significantly improve inspiratory lung functions in instances of moderate pulmonary fibrosis.
PAOG's Farmersville cultivar development operation will include a lab and an environmentally controlled indoor growing facility. PAOG is working with current cultivars to evolve and produce an ideal plant with full spectrum, high CBD yields to support ongoing RespRx development and to support future CBD pharmaceutical developments.
PAOG is exploring opportunities to engage with university research in partnership with its hemp cultivar development initiative.
PURA recently announced a year long initiative to transition PURA from a CBD sports beverage manufacturer into a hemp conglomerate built on lifestyle brand with a broad CBD consumer products reach, and a leading industrial hemp initiative. The brand name is Farmersville Brands and as part of their strategy, PURA has entered into a letter of intent (LOI) agreement to acquire 72 acers of agricultural property in Farmersville, Texas. PURA's year long initiative includes plans to see the Farmersville Brand strategy infused with a $100 million investment.
This Friday, September 18, 2020, PAOG CEO James C. DiPrima will discuss in an interview with Donald Baillargeon of MoneyTV, PAOG's overall approach to engaging a Contract Research Organization (CRO) to advance an Investigational New Drug Application (IND) to ultimately achieve Food and Drug Administration (FDA) approval for PAOG's RespRx as a COPD treatment.
On Friday, DiPrima will also discuss the recently published Goldman Small Cap Analyst Research Update on PAOG that includes target pricing.
Forward-Looking Statements: 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.