Wuhan Signs Letter of Intent
to Acquire MJ MedTech
TORONTO,
ON -- October 04, 2018 -- InvestorsHub NewsWire -- Wuhan
General Group (China), Inc. (OTC
PINK: WUHN) ("Wuhan" or the "Company"), announced today that it
has signed a non-binding Letter of Intent ("LOI") to acquire all of
the issued and outstanding shares in MJ MedTech Inc.
("MJ
MedTech").
The
transaction would include all assets, including
production/manufacturing, distribution, licenses, formulations and
IP and would represent Wuhan's entry into the U.S., Canadian and
European markets for medical cannabidiol (CBD)
products.
The final
terms and closing of the transaction are
subject
to the negotiation and execution of a definitive agreement and
certain other customary conditions including the receipt of all
necessary regulatory approvals. The transaction is expected to
close in the fourth
quarter of 2018.
The
entering into of the LOI follows Wuhan's recently announced
appointment of Dr. Anna Morera
Leralta,
("Dr. Anna") as the company's chief medical officer (CMO) and her
role in seeking out opportunities in the medical
cannabis
and CBD sectors.
The
global legal cannabis market is expected to reach USD 146.4 billion
by end of 2025. Growing adoption of cannabis in several medical
applications such as cancer, mental disorders,
chronic pain and others, is expected to propel revenue
growth.
"Signing
this LOI is another key strategic step forward for Wuhan, and we
are excited by the prospect of entering this marketplace that is
still in its very early days. By establishing a presence in the
U.S., Canada and Europe, we anticipate the potential
for huge growth and to build sustainable long-term shareholder
value", said Ramy Kamaneh, CEO of Wuhan.
In light
of the transaction, Wuhan has made the decision to suspend its
cryptocurrency mining operations and plans until further
notice.
About Wuhan General Group (china) Inc
Wuhan
General Group (China), Inc., is a Nevada-based investment company
focused on emerging technology and medical cannabis and cannabidiol
(CBD) sectors. Through acquisitions, Wuhan will enter the
international 146.4
billion growing cannabis market for the medical applications such
as cancer, mental disorders, chronic pain, and others is expected
to propel revenue growth in Canada, the U.S. and Europe.
Wuhan General Group (China), Inc.
Publicly
traded company (OTC Pink:WUHN)
Website:
www.wuhn.org
For further information contact:
Public
Relations
E-mail:
info@wuhn.org
Forward-Looking
Statements
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
Wuhan General (CE) (USOTC:WUHN)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Wuhan General (CE) (USOTC:WUHN)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
