Wuhan Provides Updates on Corporate, Psilocybin and Cannabis Q3 2019 Milestones
Jul 2, 2019
| Source: Wuhan General Group China Ltd.
CAPE TOWN, South Africa, July 02, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Wuhan General Group (China), Inc. ( OTC PINK: WUHN ) (the "Company" and "Wuhan"), is pleased to share the following statements and coming milestones:
The company would like to clarify for all past, current and potential future shareholders that Wuhan General Group is a US-registered corporation and has no dealings with any Chinese parties as it relates to its ongoing business activities. To remove any possible confusion with its current name and to better reflect the nature of the business, the Company has retained the services of a law firm to specifically take all necessary steps to file a name change with FINRA. Once approved, the company will issue a press release to inform shareholders. The Company is currently investigating all options regarding an up-listing and becoming a fully reporting issuer. Wuhan will share more information as it becomes available. The Company last month closed on the purchase of 49% of Biodelta Nutraceuticals, Ltd. ("Biodelta") assets at a cost price of $USD1.567 Million financed by private funding. No shares have been issued for this transaction. Biodelta Nutraceuticals, Ltd. assets which include the land, buildings, and the infrastructure as well as the specialized greenhouse and drying ovens. These assets will be part of our new operational facility located near Cape Town, South Africa. This transaction enables Wuhan to produce 36,000 kg of Cannabis in phase one (300k sq. ft) which is ready to grow, and 175,000 kg (1.3M sq. ft) in phase 2, planned for later this year. The acquisition will allow Wuhan to produce a very high-end organic pharmaceutical grade CBD, eliminating the risk of shortage as well as being cost-efficient. Milestones
Biodelta Nutraceuticals has been contracted to support the Company's wholly-owned subsidiary, MJ MedTech Inc. to develop, brand, market and commercialize its internationally trademarked Dr. AnnaRx™. The Company is planning to have its first Dr. AnnaRx™ line of CBD based products in stores this month and expand across South Africa in more than 1,000 pharmacies in the following weeks. List of products this month:
Dr. AnnaRx exclusive line of CBD infused beauty and health products: Day Cream, Night Cream, Serum, Shampoo, Conditioner, UV Sun Protector. Medspresso™, an exclusive line of CBD infused espresso and coffee in capsule format. The flavors offered are Tanzanian Peaberry, light, medium and dark roast, and decaf coffee. The Company has retained the services of a law firm to work on the cancellation of 19,844,398 shares of WUHN Common Stock held by Fame Good International Limited previously issued under past management. Wuhan strongly believes that the shares were issued inappropriately and will be canceled and returned to the treasury. After cancellation, the outstanding shares count would be 22.4 million shares. A 47% reduction of the current outstanding shares counts of 42.2 million shares. Another positive step in enhancing shareholder value. The Company is delighted to witness US cities decriminalizing mushrooms containing the psychedelic psilocybin, also known as "magic mushrooms". Wuhan anticipates this trend to continue not only in the US but globally. M2BIO was specifically set up to be a leader in the field of research and commercialization of medicines derived from mushrooms containing psilocybin. Wuhan believes the mushroom sector as it develops will have as much if not more potential market size than the cannabis sector. More information regarding international joint venture and partnership will be available once finalized. Wuhan, Biodelta, and ARC are currently working out the details for a comprehensive memorandum of understanding (MOU) as it relates to cannabis and mushrooms. The Agricultural Research Council (ARC) is the premier science institution in the southern hemisphere that conducts research with partners, develops human capital and fosters innovation to support and develop the agricultural sector. Much more on this very powerful partnership will be released via a Company press release. About Biodelta Nutraceuticals
Biodelta Nutraceuticals (ISO 22000 and organic certified) is a Cape Town-based manufacturer and merchandiser of premium health products to all pharmacy & health shop chains across South Africa. For the past 12 years, Biodelta has developed, designed and produced more than 1,000 products for these customers and is now strategically positioned to launch CBD products through these channels. In addition, Biodelta has license applications in the progress for growing, extracting and product development as well as dossiers for various CBD based products. For further information contact:
Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements. Source: Wuhan General Group (China), Inc.