DALLAS, TX / ACCESSWIRE / May 23, 2017 / Puration, Inc. (OTC PINK: PURA) today announced reducing its overall outstanding balance sheet liabilities by approximately 10% with $250,000 in convertible debt being forgiven and removed from the balance sheet. A note holder due $500,000 from PURA has agreed to forgive approximately 50% of the amount due. The debt forgiveness agreement was reached in conjunction with the pending acquisition of the controlling interest in PURA by American Cannabis Innovations Conglomerated ("ACI") announced earlier this month. PURA and ACI anticipate this is only the first of several balance sheet restructuring announcements intended to enhance shareholder value.
PURA is the first of five acquisitions in the cannabis sector ACI has planned. ACI is seeking to acquire early stage, undervalued cannabis businesses with intellectual properties validated by market tests, if not initial commercial or consumer sales. ACI expects to improve the operating efficiency of acquired assets by streamlining redundant functions and leveraging complimentary functions. ACI expects the potential for market capitalizations of acquired companies to improve by transitioning the acquired companies toward better investment structures, with better terms, that are altogether better suited to their current and more mature stage of development.
Learn More About PURA: purationinc.com
Disclaimer/Safe Harbor: 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.
Puration Contact:
Brian Shibley, CEO
[email protected]
+1-214-937-9097
SOURCE: Puration, Inc.