Puration Inc Announces 1:5 Nouveau Stock Dividend Declaration
DALLAS, November 15, 2018
DALLAS, November 15, 2018 /PRNewswire/ --
Puration, Inc. (USOTC: PURA) ("PURA") today announced that Nouveau Life Pharmaceuticals, Inc. (USOTC: NOUV) ("NOUV") has formally declared a 1:5 stock dividend whereby NOUV common stock will be issued to the shareholders of PURA at a ratio of one NOUV common share for every five shares of PURA held on the yet to be determined date of record. The NOUV board of directors as resolved to restructure NOUV and issue the stock dividend to PURA shareholders in conjunction with PURA's spinoff of its cannabis cultivation business to NOUV announced October 4, 2018. Subject to necessary regulatory and administrative authority approvals, NOUV plans to set a date of record for the dividend for approximately 30 days from now, and a pay date just after the first of next year.
On October 4, 2018, PURA sold its cannabis cultivation business to NOUV in exchange for a $1.2 million convertible note with a commitment that the note would promptly be converted to common shares of NOUV and that those converted shares would be distributed in a stock dividend to the shareholders of PURA. As of today, NOUV has resolved to execute a 1:400 stock reverse and immediately thereafter issue sufficient shares in fulfillment of the $1.2 million convertible note whereby PURA shareholders will receive one post reverse common share of NOUV for every five shares held of PURA. NOUV has already made substantial progress toward resolving its current financial reporting delinquency. NOUV anticipates having its financial reporting current within the next two weeks. Subsequently, NOUV will file with FINRA to affect the declared reverse split and stock dividend.
NOUV plans to keep NOUV and PURA shareholders up to date on the stock dividend process, in addition to updating shareholders on the new post cannabis cultivation business acquisition plans from a new corporate website anticipated to launch next week. With the updated website, NOUV's communication contact information will also be updated.
Learn more about Puration at 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.