KALY - Kali-Extracts Confirms Puration Talks in Strategy to Consolidate on $50 Million Cannabis Biopharmaceutical Technology Business
DALLAS, Jan. 22, 2020 /PRNewswire/ -- Kali-Extracts, Inc. (Kali, Inc. dba/Kali-Extracts, Inc.) (USOTC: KALY) ("KALY") today confirmed entering into discussions with Puration, Inc. (USOTC: PURA) ("PURA") regarding PURA's possible acquisition of KALY's CBD confection assets. KALY recently announced plans to consolidate its business structure and focus on its Cannabis Biopharmaceutical Technology spinning of its non-pharmaceutical business assets. KALY has a U.S. Patented Cannabis Extraction Process and is developing treatments for various medical conditions. The technology has been valued at $50 million in conjunction with a recent acquisition offer that KALY management passed on. The cannabis biopharmaceutical market is anticipated to reach $50 billion by 2029.
PURA currently owns the sole license of KALY's Patented Cannabis Extraction Process for extracts to be infused into beverages. PURA has recently expanded its beverage production reach into Europe, Latin America and Africa. PURA management is exploring the possibility of expanding its business into the production of additional cannabis infused products.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
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SOURCE Kali-Extracts, Inc.; Puration, Inc.