Public Entity Name Change to Sylios The Greater Cannabis Company, LLC Initiates Operations ST. PETERSBURG, FL / ACCESSWIRE / April 7, 2014 - US Natural Gas Corp (OTC Pink:UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to update shareholders on its current and future operations.
On April 2, 2014, the Company's Board of Directors voted to change the name of US Natural Gas Corp (the publicly traded entity) to Sylios. In addition, the Board of Directors voted to change the name of the Company's natural gas subsidiary, US Natural Gas Corp WV, to US Natural Gas Corp. The changes were approved by shareholders holding a majority of our outstanding voting capital stock on March 31, 2014. An amendment to the Company’s Articles of Incorporation was filed with the Florida Department of State, Division of Corporations, on April 4, 2014. Once the date stamped amendment is received, the Company shall file the appropriate documents with Finra for the name change and requesting a new trading symbol.
The Company will realign its operations and ownership so that each subsidiary is better defined. Upon approval by Finra, the parent and publicly traded entity shall be Sylios. The operational subsidiaries shall be as follows:
1. US Natural Gas Corp ("USNG")- formerly US Natural Gas Corp WV, is a wholly owned subsidiary that is responsible for the day-to-day operations of the Company's natural gas development project in Wayne County, West Virginia. USNG operates 122 natural gas wells and maintains a leasehold base of approximately 12,000 acres.
2. E 3 Petroleum Corp ("E 3")- is a wholly owned subsidiary that is responsible for the day-to-day operations of the Company's oil producing properties in Kentucky. The Company's assets previously held in the name of US Natural Gas Corp KY will be assigned and or transferred to E 3. E 3 shall also remain the bonding entity for all producing properties within the state of KY and WV.
3. E 2 Investments, LLC ("E 2")- is a wholly owned subsidiary that focuses on acquiring assets valued or equities trading at inherently depressed levels.
4. SLMI Options, LLC ("SLMI")- is a wholly owned subsidiary that focuses on the acquisition of corporate debt. SLMI was acquired by the Company in 2009 and currently holds in excess of $1.0 million in third party corporate debt.
5. The Greater Cannabis Company, LLC ("GCC")- is a wholly owned subsidiary focusing its operations on the medical and recreational marijuana market.
On January 10, 2014, the Company entered into an Asset Purchase Agreement with Natural Gas Resources Corp ("Buyer") for the purchase of certain assets operated by a wholly owned subsidiary of the Company, US Natural Gas Corp WV. The terms of the Agreement are being treated confidential. In exchange, the Company will transfer certain assets located in Wayne County, West Virginia. The transaction is scheduled to close on or before April 30, 2014. The Company can make no guarantee that this transaction will close, as the Buyer was unsuccessful in obtaining financing for the initial Purchase Agreement.
Management is pleased to announce that it has initiated operations for its new subsidiary, The Greater Cannabis Company, LLC. Since announcing the formation of The Greater Cannabis Company, the Company has been introduced to potential acquisition and distribution candidates. As of today's date, the Company is in early stage discussions with an acquisition candidate whose products focus on distribution. Management anticipates that both parties will enter into a Letter of Intent within the next 3-5 days. Once executed, the Company will provide additional information to shareholders.
About US Natural Gas Corp
US Natural Gas Corp is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia with core assets consisting of 17,000 acres of mineral rights leases and interest in approximately 150 oil and gas wells. More information on US Natural Gas Corp can be found on the Company’s website at www.usnatgascorp.com. Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Unaudited Annual Report for the year ended December 31, 2013, which can be found on the OTC Markets website, www.otcmarkets.com.
US Natural Gas Corp
SOURCE: US Natural Gas Corp