KALY - KALY Confirms Consolidation Plans to Focus on $50 Billion Cannabis Biopharmaceutical Market Opportunity
DALLAS, Jan. 15, 2020 /PRNewswire/ -- Kali-Extracts, Inc. (Kali, Inc. dba/Kali-Extracts, Inc.) (USOTC: KALY) ("KALY") today confirmed plans announced for the first time yesterday to consolidate its business structure and focus on its Cannabis Biopharmaceutical Technology. KALY has a U.S. Patented Cannabis Extraction Process and is developing treatments for various medical conditions. The technology has been valued at $50 million in conjunction with a recent acquisition offer that ALYI management passed on. In reaction to the offer, management has refined its ongoing business plans with the intent of consolidating and concentrating focus on its Cannabis Biopharmaceutical Technology. The cannabis biopharmaceutical market is anticipated to reach $50 billion by 2029. In conjunction with the consolidation, management plans to spin-off its other lines of business. Specifically, ALYI plans to spin-off its general agricultural CBD extraction business and CBD confections business. While ALYI will continue to generate licensing revenue from the extraction and confection businesses, the day to day management and operations will be spun-off. A specific spin-off structure has not yet been defined. Spin-off details are anticipated to be released next month.
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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.
CONTACT:
Frederick Ferri
ir@kali-extracts.com
+1(214) 210-0459
SOURCE Kali-Extracts, Inc.