ST. PETERSBURG, FL / ACCESSWIRE / August 7, 2014 / Sylios Corp (OTC Pink:UNGS), a holding company with operations engaged in the exploration and development of oil and natural gas properties, investments in equities and corporate debt and the development of products utilized in the medical and recreational marijuana industry is pleased to announce that the Company's Board of Directors elected to form a new wholly owned subsidiary for its cannabis operations.
On July 2, 2014, the Company filed with the State of Florida to form Bud Bank, LLC. The Company received approval from the Florida Office of Financial Regulation for the use of the name Bud Bank for its dispensing product. Bud Bank, LLC will be dedicated solely to the Company's cannabis dispensing product. The Company will continue to seek products to acquire, license or develop through joint ventures through its cannabis subsidiary, The Greater Cannabis Company, LLC.
Wayne Anderson, President of Sylios Corp, noted, "With the initiation of sales of the Company's cannabis dispensing product, we felt it imperative to find a name that marketed the Company's concept while providing an avenue for future brand recognition, The launch of the Bud Bank website and initiation of sales is a monumental day for the Company and shareholders."
The Company's two websites will be live the week of August 11, 2014. Sales of the Company's new cannabis dispensing product will be initiated upon launch of its website.
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, investments in equities and corporate debt and the development of products utilized for the medical and recreational marijuana industry.
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.
SOURCE: Sylios Corp