NEW YORK, NY--(Marketwired - April 02, 2014) - Cannabis Therapy Corp. (OTCQB: CTCO) (formerly OTCQB: FWSI) (the "Company") is pleased to advise it has successfully concluded its previously announced corporate restructuring in connection with its entry into the business of manufacturing and marketing pharmaceutical level products containing phytocannabinoids, an abundant and pharmaceutically active component of cannabis, for the treatment of various conditions and diseases.
We have previously announced in a Current Report on Form 8-K dated March 24, 2014, a 1.5-for-1 forward stock split of our common stock in the form of a dividend, with a record date of March 28, 2014, a payment date of March 31, 2014, an ex-dividend date of April 1, 2014, and a due bill redeemable date of April 3, 2014. The stock split in the form of a dividend will entitle each shareholder of our common stock as of the record date to receive 0.5 additional shares of common stock for each one share owned. Additional shares issued as a result of the forward stock split will be distributed on the payment date. Shareholders do not need to exchange existing stock certificates and will receive an additional certificate reflecting the newly issued shares. As of April 1, 2014, the Company has 70,312,998 shares issued and outstanding.
In related news, the Company is pleased to confirm the March 10, 2014, appointment of Mr. Guy Yachin to its Board of Directors. Mr. Yachin is currently the CEO of Serpin Pharma Inc., a privately held, development stage Biotech Company in Virginia. Mr. Yachin is a serial entrepreneur who has served as CEO for numerous biomedical companies. Mr. Yachin's notable achievements include serving as the CEO of MGVS during collaborative funding with Teva Pharmaceuticals in 2009 and co-founding Chiasma Inc. which entered into a $600MM licensing agreement with Roche in 2013. He is the former CEO of Naiot Technological Center in Israel where he played an active role in establishing, managing and raising over $50M for over a dozen biomedical startup companies. As CEO of NasVax Ltd. he successfully led the company's capital acquisition efforts on the public and private markets. Mr. Yachin has sat on the board of multiple companies including Orgenesis, Remon Medical Technologies, Enzymotec and NanoPass. He holds a BSc. and an MBA from Technion - Israel Institute of Technology.
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer with the Securities and Exchange Commission ("SEC") available at www.sec.gov. For more information please visit www.cannabistherapy.com.
About Cannabis Therapy Corp. (OTCQB: CTCO)
Cannabis Therapy Corp. aims to develop and market safe, phytocannabinoid-based medicinal products and to apply rigorous manufacturing and quality control standards to become a global leader in the research, development, manufacturing, testing and marketing of cannabinoid ingredients and therapies. For more information visit www.cannabistherapy.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the availability of additional funding; and the Company's business, product development, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, the Company's current reports on Form 8-K. The Company does not undertake to update these forward-looking statements.
ON BEHALF OF THE BOARD,
Soren Mogelsvang, President & CEO
Cannabis Therapy Corp.