Sarasota, FL / ACCESSWIRE / May 19, 2014 / International Consolidated Companies, Inc. (OTC Other Markets: INCC) today announced that the company will retire 3 Billion shares issued in trust for an acquisition on Aug 26, 2011. The 3 Billion shares will be returned to treasury on or before filing the financial statements with OTC markets.
Previously, INCC has announced that it intends to enter the medical marijuana market and change it's name to Medical Cannabis Holdings, Inc. Unlike other public companies in the medical marijuana market, Medical Cannabis Holdings, Inc. will focus on acquiring and growing businesses that will provide services or technology that assists the growers and patients, versus the production and marketing of marijuana for medical use.
"I am pleased to reduce our issued and outstanding shares by 3 billion. This will allow us focus on driving acquisitions in the medical marijuana technology arena," commented Antonio F. Uccello III, Chairman and CEO. "We feel that there are numerous competing technologies currently available on the market and that there are opportunities to identify, acquire and maximize the next generation of growth and delivery technologies that will become the industry standards in this rapidly developing market."
About International Consolidated Companies, Inc. International Consolidated Companies, Inc. (OTC:INCC) is a publicly-traded company focused on acquiring and operating businesses and technologies that will help drive efficiencies in the medical marijuana market.
Forward Looking Statements Except for historical information contained herein, this document contains forward-looking statements within the meaning of Section 21-E of the Securities Exchange Act of 1934. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein.
Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's annual reports on Form 10-K and its quarterly reports on Form 10-Q both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
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International Consolidated Companies, Inc.
SOURCE: International Consolidated Companies, Inc.