ST. PETERSBURG, FL / ACCESSWIRE / January 6, 2017 / Sylios Corp (OTC PINK: UNGS), a holding company with operations engaged in the exploration and development of oil and natural gas properties, site specific real estate development, holdings in equities, corporate debt and alternative investments is pleased to update shareholders of important dates pertaining to the spin-off of the Company's wholly owned subsidiary, The Greater Cannabis Company, LLC.
On December 28, 2016, Sylios Corp announced that it would spin-off 80.01% of its wholly owned subsidiary, The Greater Cannabis Company, LLC through a pro rata stock distribution to holders of its common stock. Prior to the spin-off, the Company will file a Notice of Conversion with the State of Florida to effectively converting the subsidiary from a limited liability company to a Florida for profit corporation and change the Company's name to The Greater Cannabis Company, Inc. (the new "GCC"). In the newly filed Articles of Incorporation for the Subsidiary, it will designate 500 million shares for Common stock and 10 million shares for Preferred stock.
The Record date for the stock dividend is set at February 3, 2017 with the Ex-Dividend date at February 1, 2017. The stock dividend will be payable February 13, 2017 to shareholders. In order for shareholders to receive the stock dividend, they must own shares of Sylios Corp prior to the Ex-Dividend date. Sylios Corp's common stock will begin trading ex-dividend at the open on February 1, 2017.
Shareholders of Sylios Corp entitled to receive the dividend will receive 1 share of GCC common stock for every 500 shares of Sylios Corp common stock owned. In lieu of issuing fractional shares in connection with the stock dividend, the company will round fractional shares up to the next whole share.
The Company's transfer agent, Pacific Stock Transfer, will distribute shares of GCC on the payment date to certificated shareholders. Shareholders are not required to submit any information to the Company's transfer agent to receive the newly issued GCC shares of common stock. Pacific Stock Transfer will also act as the transfer agent for GCC.
Shareholders should direct any questions pertaining to the stock dividend to [email protected]. The Company has established an information page, http://www.sylios.com/stockdividend, with details on the transaction.
About Sylios Corp
Sylios Corp, based in St. Petersburg, FL, is a holding corporation with operations engaged in the exploration and development of oil and natural gas properties, holdings in equities, alternative investments, corporate debt and site-specific real estate development. www.sylios.com
About The Greater Cannabis Company, LLC
Formed in March 2014, The Greater Cannabis Company, LLC will act as the Company's operating subsidiary for its recently launched operations in the medical and recreational marijuana market. The Company will look to represent a line of premier products through licensing agreements, development, acquisitions and joint ventures.
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations. Additional risks and uncertainties are set forth in the Company's Unaudited Annual Report for the year ended December 31, 2015, which can be found on the OTC Markets website, www.otcmarkets.com.
Contact:
Sylios Corp
(727) 482-1505
[email protected]
SOURCE: Sylios Corp.