PURA Plans Merger of Cannabis Cultivation Spinoff With NCM Biotech
Jun 12, 2020, 11:00 ET
DALLAS, June 12, 2020 /PRNewswire/ -- Puration, Inc. (USOTC: PURA) today released details in conjunction with the anticipated transaction to merge PURA's cannabis cultivation operation spun-off to Nouveau (USOTC: NOUV) and Kali-Extracts (USOTC: KALY) NCM Biotech subsidiary. The planned merger transaction includes resolving the delayed issue of a dividend to PURA shareholders intended from the original cannabis cultivation spinoff. The terms of the planned merger transaction between PURA's cannabis cultivation operation and NCM Biotech includes a planned issue of dividends to PURA shareholders.
The transaction will take place in several separate steps. First, PURA will unwind its spinoff transaction with NOUV. Immediately following the unwind, PURA will exchange the cannabis cultivation operation for common stock in another over the counter, current information public company currently operating in the cannabis sector. The common stock is intended to be issued in a dividend distribution. The target dividend ratio is one for one.
The planned merger with NCM Biotech is intended to be executed by the same public company that acquires PURA's cannabis cultivation spinoff also acquiring NCM Biotech from KALY. The NCM Biotech purchase is intended to be executed in exchange for common stock from the acquiring public company.
The public company acquiring the cannabis cultivation spinoff and NCM Biotech is anticipated to make its own announcement next week.
The 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.
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