KALY - KALY - Kali-Extracts Spinoff Assets Generate Approximately $1 Million in Annual Sales
DALLAS, Jan. 23, 2020 /PRNewswire/ -- Kali-Extracts, Inc. (Kali, Inc. dba/Kali-Extracts, Inc.) (USOTC: KALY) ("KALY") today highlighted that the assets targeted for spinoff in the company's plan to consolidate its business structure and focus on its Cannabis Biopharmaceutical Technology generated approximately $1 million in annual sales last year. The spinoff assets include the company's agricultural CBD extraction business and the company's CBD infused confections business. KALY recently announced plans to consolidate its business structure and focus on its Cannabis Biopharmaceutical Technology spinning off its non-pharmaceutical business assets. 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 KALY management passed on. KALY has entered into discussions with Puration, Inc. (USOTC: PURA) ("PURA") regarding PURA's possible acquisition of KALY's CBD confection assets. The company has also entered into discussions with a yet undisclosed third-party about the possible sale of KALY's agricultural CBD extraction business.
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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.