PAOG Publishes Q3 RPT Including PURA And KALY Acquisitions - Now One Key Step Closer To Dividend Distribution
DALLAS, Nov. 17, 2020 /PRNewswire/ -- PAO Group, Inc. (USOTC: PAOG) today announced publishing its Q3 2020 report with OTC Markets. This is the first report since making two strategic acquisitions in the course of the third quarter. PAOG transitioned its business direction in the previous quarter acquiring from Kali-Extracts (KALY) a cannabis extraction technology called RespRx, developed for the treatment of Chronic Obstructive Pulmonary Disease (COPD), in addition to acquiring a cannabis cultivation operation to grow pharmaceutical grade hemp from Puration, Inc. (USOTC: PURA).
The cannabis cultivation operation acquisition included an inventory added to the balance sheet reported in Q3. PAOG anticipates entering into a sale of the existing inventory in Q4.
The integration of the two acquisitions advances the issuance of a dividend distribution of PAOG stock to the shareholders of PURA in conjunction with the terms of the PAOG acquisition of PURA's cannabis cultivation operation.
PAOG acquired its cannabis cultivation operation from PURA earlier this year in a transaction that includes issuing PAOG shares to PURA shareholders. The target distribution ratio calls for PURA shareholders receiving one share of PAOG for every one share of PURA owned.
For more information on PAO Group, visit www.paogroupinc.com
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.
PAO Group, Inc.
SOURCE PAO Group, Inc.
Company Codes: OtherOTC:PAOG, OTC-PINK:PAOG, OTC-QX:PAOG, OTC-QB:PAOG