Business
USMJ and PURA Update Dividend Distribution Plans With PJET and NOUV To Include New Developments With WCVC and KALY
USMJ and PURA Update Dividend Distribution Plans With PJET and NOUV To Include New Developments With WCVC and KALY.
About this update from Nouveau Life Pharmaceuticals, Inc.
[{"type":"text","content":"\nDALLAS, March 22, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- North American Cannabis Holdings, Inc. (USOTC: USMJ) (“USMJ”) and Puration Inc. (USOTC: PURA) (“PURA”) today published an update on the progress the two companies are making toward their respective planned dividend distributions.  USMJ and PURA are sister companies sharing the same majority shareholder, ACI Conglomerated.  In the 4th quarter of 2018, USMJ sold its AmeriCanna Cafe Restaurant business to an independently listed public holding company as part of a strategy to support the restaurant business with a dedicated public equity.  The independently listed public holding company is Priority Aviation (USOTC: PJET).  The transaction between USMJ and PJET includes a name change for PJET and a dividend of PJET shares to USMJ shareholders.  Similarly, PURA sold its cannabis cultivation subsidiary to Nouveau (USOTC: NOUV).  The PURA and NOUV transaction also includes a dividend of NOUV shares to PURA shareholders.  The execution of the dividends is taking longer than anticipated, but the plans have not changed.  The update below provides more details on the current status and progress of the two dividend distributions to include additional updates on the overall business.\n USMJ and PJET Update and New WCVC developments In the 4th quarter of 2018, USMJ spun off its AmeriCanna Cafe business through the execution of a securities exchange agreement between USMJ and PJET.  USMJ has sold its AmeriCanna Cafe business in exchange for a convertible purchase note issued by PJET.  Neither USMJ nor PJET are executing a reverse split in conjunction with this transaction.  USMJ and PJET do plan to promptly convert the $1.5 million note into a number of common PJET shares sufficient to issue one PJET common share for every fifty shares of USMJ common shares issued and outstanding.  All of the PJET common shares issued in conversion of the purchase note are slated for distributed to USMJ shareholders in a dividend distribution.  Nothing has changed in regard to this plan since the execution of the agreement.  The hurdle that remains in front of the dividend distribution is bringing PJET current with the OTC Markets reporting standards.  The company has all the reports r...