Several States Will Not Allow A Pink Sheet Penny Stock Company To Own Or Operate A Cannabis Business And Company Also Plans To Submit Our Application To OTC To Upgrade From Pink Sheets To OTCQB With Plans To Upgrade To OTCQX
FARMINGTON, AR / ACCESSWIRE / February 25, 2022 / SPO Networks, Inc. (OTC PINK:SPOI) ("SPOI" or the "Company"), a publicly-traded company that is actively exploring potential acquisitions and opportunities in diversified industries, including an established revenue-generating waste/recycling subsidiary, medical and recreational cannabis and genetic seed operations entity with the expectation of rapid expansion in the cannabis industry utilizing a proprietary vertical market from cultivation facilities, to wholesale and retail dispensaries, recently announced that it is intends to engage in a reverse split of 1 (one) to 1000 (one thousand) split of the Company's common stock and today Management Discusses the reasons for the procedure.
Tom Smith, the Company's CEO and majority shareholder, said: "We are taking these steps so that the Company can be in a better position to focus on building out our quickly emerging cannabis business.
This action is a leap in the direction SPO Networks, Inc. must take to move forward in the Cannabis sector.
Many companies entering into the market face banking and other hurdles in some states. In fact, several states will not allow a pink sheet penny stock company to own or operate a cannabis business. The reverse will make the path achievable for the Company.
Plus, we also intend to submit our application to OTCMarkets to upgrade from Pink Sheets to OTCQB with plans to upgrade to OTCQX and the reverse will also help in that transformation."
He continued: "I have created several Special Purpose Acquisition Companies
The Special Purpose Acquisition Companies have been formed in Arkansas, Colorado, Oklahoma and New York. New Jersey, Connecticut and New Mexico are in process.
The Special Purpose Acquisition Companies allow operations to occur within the rules of the regulators of the state in which the project is located. This allows operations to be streamlined during the company (SPO Networks Inc.) meeting the eligibility requirements for the upgrade in preparation of acquisitions of the operations.
One (1) Recreational Cultivation is in operations now.
Letter of intents issues for three (3) Recreational Retail Stores.
Letter of intents issues for two (2) Recreational Cultivation Operations.
One (1) Medical Cultivation is under construction, OMMA license issued.
One (1) Medical Processor (extraction) is under construction, OMMA license issued.
New York 130,000 square foot facility under contract, New York regulations pending.
Acquisition Time Frame
Once SPO Networks, Inc. has been approved by OTC to become a QB rated business the stage will be set for the acquisitions of the Special Purpose Acquisition Companies. These transactions will be swift.
A large sector of what SPO Networks, Inc. is creating will be is organic growth. This is being accomplished by entering into new markets organically rather than entering by acquisitions."
Tom Smith is the single sponsor of these companies, there are no investors or warrants to dilute the shares.
The Company will issue additional announcements as the process proceeds.
SPO Networks, Inc.
SPO Networks, Inc. is actively exploring potential acquisitions and opportunities in diversified industries, including solid waste, scrap metal recycling and demolition with special waste remediation. Additionally, SPO maintains the belief that patients and customers have a right to high quality, economical, and clinically-validated cannabis products. Towards this, SPO aims at medical and recreational cannabis and genetic seed operations with the expectation of rapid expansion in the cannabis industry. SPO is developing its cultivation facilities for extraction operations, wholesaling of cannabis and cannabis extracts in Colorado to licensed retailers and wholesalers. Eventually, the goal is to expand to retail product manufacturing and dispensary operations in several states, allowing SPO to offer a pricing strategy that will be attractive to consumers large and small.
For more information, please go to: https://www.spoinow.com .
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the OTC Markets Group Inc. Our public filings with the OTC Markets Group Inc are available from commercial document retrieval services and at the website maintained by the OTC Markets at https://www.otcmarkets.com/stock/SPOI/disclosure
SOURCE: SPO Networks, Inc