Puration Announces Cannabis Cultivation Spinoff and Planned Dividend
DALLAS, October 4, 2018
DALLAS, October 4, 2018 /PRNewswire/ --
Puration, Inc. (USOTC: PURA) ("PURA") today announced spinning off its cannabis cultivation business. The spinoff is part of a strategy for Puration to concentrate ongoing business development efforts on the company's flourishing cannabis infused beverage business. Puration introduced its first cannabis infused beverage, EVERx CBD Sports Water, last year and has since reported 600% revenue growth. The spinoff announced today has been affected through the execution of a securities exchange agreement with Nouveau Life Pharmaceuticals, Inc., (USOTC: NOUV) ("NOUV"). PURA has sold its cannabis cultivation business in exchange for a convertible purchase note issued by NOUV. PURA and NOUV have agreed to a recapitalization plan for NOUV and a post recapitalization conversion of the purchase note into a number of common NOUV shares sufficient to issue one NOUV common share for every five shares of PURA common shares issued and outstanding. All of the NOUV common shares issued in conversion of the purchase note are slated for distributed to PURA shareholders in a dividend distribution. PURA management plans to present further details on the transaction announced today in conjunction with the company's overall cannabis infused beverage business expansion in an online presentation one week from today, on Thursday, October 11th, 2018.
Learn more about Puration at http://www.purationinc.com
Learn more about the cultivation business at https://www.purationinc.com/extraction
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.