Sandusky, Ohio–(Newsfile Corp. – July 28, 2020) – PAO Group, Inc. (OTC Pink: PAOG) today announced the acquisition of a cannabis cultivation operation from Puration, Inc. (OTC Pink: PURA). The acquisition is part of PAOG’s overall medical cannabis revitalization strategy that includes the planned acquisition of a patented cannabis extraction operation from Kali-Extracts (OTC Pink: KALY) anticipated to close later this week on Thursday, July 30, 2020. The PURA cannabis cultivation operation acquired from PURA is working to develop a proprietary cultivar to support the ongoing research conducted by the KALY patented cannabis extraction operation PAOG is acquiring.
The cannabis cultivation operation headquartered in Texas has an estimated $300,000 in annual revenue. 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. The cannabis cultivation spinoff has initiated a number of joint research applications with Texas universities.
PAOG next week plans to publish a comprehensive overview on the background of the cannabis cultivation operation and the patented cannabis extraction operation to also include PAOG’s plans going forward with the two operations.
The cannabis cultivation operation was valued at $1,000,000 in the deal between PAOG and PURA. PAOG is issuing common stock in exchange for the cannabis cultivation operation. PURA plans to issue an independent press release on plans to distribute the PAOG purchase stock to PURA shareholders in a dividend distribution.
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.
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