PAOG - PAO Group Confirms Takeover, Looks To Acquire Puration And Kali-Extracts [Subsidiaries]
July 15 2020 - 9:29AM
InvestorsHub NewsWire
July 15, 2020 -- InvestorsHub NewsWire -- via Jelena Martinovic ,
Benzinga Staff Writer
PAO Group Inc. (USOTC: PAOG), which operates as a
physicians practice management company, confirmed its senior
management team has obtained majority control of the company.
PAO Chief Executive James DiPrima has bought preferred
stock from a third party and intends to continue serving at
the helm of the company.
The management team has created a new medical cannabis strategy
aimed to revitalize their "original mission to provide patient care
alternatives to traditional patient care solutions,"
DiPrima explained.
The strategy includes the completion of the acquisitions of NCM
Biotech from Kali-Extracts Inc. (OTCPK: KALY), and a cannabis
cultivation operation from Puration Inc. (OTCPK: PURA), which are underway
for months.
In addition, Puration announced the sale of
its cultivation business on Friday.
The Dallas-based company had spun-off its cannabis cultivation
operation to Nouveau (OTC: NOUV) earlier, in exchange
for common stock.
"Our revitalization plan involves a complete exit of our
previous endeavors and the implementation of an all new initiative
through the planned acquisition of two currently operating
businesses within the medical cannabis sector," DiPrima said.
Original Publication: https://www.benzinga.com/markets/cannabis/20/07/16618688/pao-group-confirms-takeover-looks-to-acquire-puration-and-kali-extracts
SOURCE: Jelena Martinovic ,
Benzinga Staff Writer
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