WINNETKA, CA / ACCESSWIRE / May 19, 2015 /
Green Cures & Botanical Distribution Inc. (PINKSHEETS: GRCU)
("Green Cures"), a cannabis and industrial hemp products innovator
provided the following corporate update.
Update regarding previously announced
merger
The Board of Directors of the Company has determined that it is
in the best interests of the Company and its shareholders to
postpone the previously announced merger with the Company's major
controlling shareholder, Green Cures Inc., until further notice. At
the present time, Green Cures & Botanical Distribution Inc.,
has an outstanding tax liability of approximately $30,000 for
operations and business conducted throughout the year 2014 and the
first quarter of 2015. Additionally, Green Cures & Botanical
Distribution Inc., owes approximately $23,000 for legal services
provided to the company through May 2015. The Company, and Green
Cures Inc., have agreed that certain financing that was previously
intended to be used for the financial auditing and legal services
for Green Cures Inc., will be assigned to Green Cures &
Botanical Distribution Inc., to pay the balances that are owed to
the corresponding Government agencies and service providers.
Status of CBD derived products on
Amazon.com
Amazon has made the decision to no longer allow merchants to
sell their cannabinoids containing products via their ecommerce
platform; therefore, CBD Tinctures by Green Cures are no longer
available for sale through Amazon.com. CBD derived products labeled
Green Cures can still be purchased online through www.allcbd.com
and www.healthyhemp.com.
Clarification regarding the previous announcement about
the discontinuation of Rico Suave
On April 15 2015, the company announced that it had decided to
spin off its Rico Suave energy drink from the brands and products
being marketed, distributed and sold by the Company.
By way of clarification and explanation, and in response to
questions received by the Company, the Board of Directors of the
Company determined that the significant marketing costs, personnel
time and effort, and the increasing expenses needed for the
expansion of the Rico Suave energy drink/supplement were not in
conjunction with the core operations of the Company. After careful
consideration, the Board of Directors of the Company concluded that
successfully operating in the functional beverage industry likely
would require the issuance of a significant amount of shares to
financing sources and other lending institutions, and the Company
would be subjected to financing terms which would have been
detrimental to the value of the Company and its shareholders. As
such, and as previously announced, the Company's Board of Directors
has determined that at this time, the Company will no longer incur
further time or expenses in connection with the development,
manufacturing, marketing, branding, or sales of the Rico Suave line
of energy drinks or supplements.
As previously disclosed in the Company's filed reports, the
Company held the exclusive rights to the marketing, distribution,
and sale of products labeled Rico Suave pursuant to a license
agreement. The intellectual property of Rico Suave, including but
not limited to brand, logo, concepts, and rights to use that
intellectual property, are owned by the founder of Green Magic and
Green Cures, and were licensed to the Company for its use and
development. Following the determination of the Company's Board of
Directors to discontinue the Rico Suave line at this time, the
Company and the owner of the intellectual property likely will
suspend or terminate the license agreement, and the registered mark
will be transferred to the brand owner. All expenses and fees
associated to the product labeled Rico Suave, including but not
limited to marketing and manufacturing, will not be added to the
Company's liabilities, but will be borne by the brand owner.
Previously announced dividends
The Company is also providing an update on the previously
announced distribution of the shares of common stock of another
publicly traded company, Formosa Liberty Corporation, formerly,
Privileged World Travel Club, Inc., to Stockholders of the Company.
Management is still working to determine the best time and methods
to make such a distribution, while balancing factors involved,
including the costs and time required for undertaking such a
distribution transaction, the performance of Formosa Liberty
Corporation in the market and more. Management of the company will
provide updated information relating to the distribution of these
shares in the future.
The company will provide additional updates as they become
available.
About Green Cures & Botanical Distribution
Inc.: Green Cures & Botanical Distribution Inc. is a
development stage company that retails and wholesales hemp-infused
nutritional, botanical, sports, and body care products. The company
is currently Web-based and focuses on online retailing. Green Cures
& Botanical Distribution Inc. operates a diverse portfolio of
products and services within the botanical and cannabis industry,
as permitted by law. From concept to production and distribution,
Green Cures & Botanical Distribution Inc. is continuously
creating and introducing products that promote a healthy life
style.
www.gcbdinc.com
FDA Statement: The statements contained in this document have
not been evaluated or approved by the FDA. The products and
statements referenced in this document are not intended to
diagnose, treat, cure, or prevent any disease.
Forward-looking statement: This press release
may contain certain forward-looking statements and information, as
defined within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, and is
subject to the Safe Harbor created by those sections. This material
contains statements about expected future events and/or financial
results that are forward-looking in nature and subject to risks and
uncertainties. Forward-looking statements are identified by wording
such as "scheduled (future sense)," "intend(s)," "plan(s),"
"expect(s)," "believe(s)," "will," "estimate(s)," "anticipate(s),"
"expect(s)," "may," "would," "could" or "should" or, in each case,
the negative thereof, other variations thereon, or comparable
terminology that implies anticipated future deliverables. The
Company disclaims any obligation or intention to update any
forward-looking statement for any reason.
SOURCE: Green Cures & Botanical
Distribution Inc.
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