CORRECTION FROM SOURCE: KALY Exits Cannabis Business With Shareholder Cannabis Dividend
This document corrects and replaces the press release that was issued by Kali Inc. (OTC Pink: KALY) (“KALY”) today July 16, 2020 at 11:24 am ET. The release below replaces the entirety of the previous release, as the incorrect release was sent.
The corrected press release follows in full below:
Dallas, Texas--(Newsfile Corp. - July 16, 2020) - Kali, Inc. (OTC Pink: KALY) ("KALY") today announced a deal in the works to sell its cannabis execration subsidiary, NCM Biotech, to PAO Group, Inc. (OTC Pink: PAOG) in exchange for common shares of PAOG that will in turn be issued to KALY shareholders in a dividend distribution. The NCM Biotech sale marks an exit from the cannabis industry for KALY. The company has already developed a new business direction. The NCM Biotech sale to PAOG is expected to be complete by the end of July. KALY plans to announce its new business direction, which is already underway, in conjunction with the closing of the deal with PAOG.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59948