Wuhan General Group Posts FY19 and FY20 Results
CAPE TOWN, SA / ACCESSWIRE / February 1, 2021 / WUHAN GENERAL GROUP, INC. (OTC PINK:WUHN) ("Wuhan'' or the "Company"), a bioceutical company focused on alternative plant-based cannabinoids and psilocybin medical research is pleased to announce today that the Company has released its financial results for the full year ended December 31, 2019 and 2020 by posting on the OTC Market website. Please visit www.otcmarkets.com to view the financials and disclosure.
Fiscal Year 2020 Highlights Versus Fiscal 2019
- Net income for the year $409,996 US, compared to $0 US
- Increase in current assets to $596,549 US from $83,817 US
- Decrease in liabilities to $89,689 US from $659,145 US
" Despite the Covid19 challenges in 2020, I'm most proud of our team and what we were able to accomplish. We started the year with a plan and almost all the goals set were achieved. We plan to post a legal opinion for the FY19 and FY20 financials shortly which should bring Wuhan back into Pink Current status. On behalf of the Wuhan team, I look forward to delivering an exceptional 2021 for our shareholders. " said Jeff Robinson, CEO of Wuhan General Group.
About Wuhan General Group, Inc./ M2Bio Sciences, Inc
Wuhan General Group, Inc. (DBA M2bio Sciences), through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids and psilocybin medical research that develops and commercializes a range of CBD and mushrooms-based products under Dr. AnnaRx™, Medspresso™ and Handcrafted Delights™ brands. In addition, our research and clinical trials with psilocybin are aimed at new therapies that will help patients who suffer from alcohol addiction, mental illness and cardiovascular diseases. Our mission is to advance botanical-based medicine to the forefront by deploying best-practice science and medicine, clinical research and emerging technologies. The Company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol "WUHN".
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Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
SOURCE: Wuhan General Group, Inc./M2Bio Sciences, Inc.
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