All Liabilities Significantly Reduced by $2,773,111
New York, NY - (NewMediaWire) - December 3, 2019 - Dewmar International BMC, Inc. (OTCPINK:DEWM) announced thatit is has completed the filing of its financial statements at OTCMarkets.com.
During the quarter for the period ended September 30, 2019, the companyreported total liabilities of $278,057 as compared to liabilities of $3,051,168for the same period in the previous year. The significant reduction inliabilities was a key goal for the new management team as it would have beendifficult to execute the new management team’s business plan while it wascontinuing to pay off old debts. During the same period ended September 30, 2019,the shareholder’s deficit was reported at a deficit of $228,242 as compared toa deficit of $2,980,133 for the same period in the previous year.
Donald Hunter, Chairman and Chief Executive Officer of Dewmar, commented, “Thetask of completing the financials was not an easy one but we are glad we havebeen able to complete the filing of these financials as quickly as possible.Our next very near-term goal is to improve the health of the balance sheet byimproving the company’s cash position. We have already begun working on thatgoal and we are making progress.”
Mr. Hunter continued, “When I took over, I assessed the company’s productsand financial statements and knew there was much work to do. We immediatelydisassociated the company with Lean and as we announced previously, our focuswill be on Kush Cakes and hemp products going forward. I recently met with oneof the largest culinary arts schools in the world to discuss productformulations. Dewmar is working on formalizing a relationship with that institution.”
Mr. Hunter concluded by saying, “We have engaged counsel to provide acurrent information notice to OTC Markets and if the information and thecurrent information letter that we submit to OTC Markets is satisfactory, weexpect to be able to achieve “current information” status over the next 1-2weeks. I would like to personally thank shareholders for their patience andtheir continued patience during this transition period. Our goal remains products that we believe canachieve $25,000,000 in revenue.”
Up until December20, 2018, most hemp products on shelves in the United States were imported intothe United States. However, the 2018 Farm Bill legalized the cultivation ofindustrial hemp and removed it from the list of controlled substances.
Industrial hemp contains all of thecannabinoids in medical marijuana but unlike marijuana, industrial hemp is lowin THC (tetrahydrocannabinol – the psychoactive component in marijuana). Somestrains of industrial hemp are also rich in CBD (cannabidiol), the cannabinoidwhich has been featured in hundreds of news stories for its therapeuticpotential to potentially treat serious medical ailments such as epilepsy,cancer, pain, arthritis, and many others.
Industrial hemp’s uses are well beyond thetherapeutic potential of CBD. The hemp seed and the oil derived from the seedis an excellent source of protein and essential fatty acids. Three tablespoonsof hemp seeds contain about 10 grams of protein. The protein from the hempplant is a more complete protein than proteins found in red meat, chicken andfish. Hemp seeds are sold in national health food and supplements retailers.The stalk of the hemp plant contains two types of fiber. The outer fiber can beprocessed into long strands which can then be used for textile manufacturing.The inner core which resembles wood can be used for animal bedding. The hempstalk can also be used as a key component in the manufacturing of paper.
About Dewmar International BMC, Inc.
Dewmar International BMC, Inc. is a certified service-disabled Veteran ownedbusiness concern, new product development, manufacturing and brand managementcompany. Established in 2003, one of Dewmar’s primary business strategies goingforward is to market and license the KushCakes brand. Additionally, Dewmar is theowner of MarijuanaEmail.com, auser-friendly “retailer to consumer” information sharing platform that connectscannabis dispensaries to interested consumers. In 2014, Dewmar foundedthe United States HempCorporation, a Nevada based hemp incubator which partners withconsumer brands to develop functional food and supplement products, and thenhelp them expand their distribution channels through our existing relationshipsworldwide.
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Notice Regarding Forward-LookingStatements
This news release contains"forward-looking statements" as that term is defined in Section 27Aof the United States Securities Act of 1933, as amended and Section 21E of theSecurities Exchange Act of 1934, as amended. Statements in this press release,which are not purely historical, are forward-looking statements and include anystatements regarding beliefs, plans, expectations or intentions regarding thefuture. Such forward-looking statements include, among other things, thepotential benefits of the cannabis plant, the commercialization of the cannabisplant, annual retail value of hemp products sold in the U.S., growth ofindustrial hemp product industry, potential uses of cannabinoids for treatmentof various illnesses and diseases, product development and business strategy.Actual results could differ from those projected in any forward-lookingstatements due to numerous factors. Such factors include, among others, theinherent uncertainties associated with new projects and development stagecompanies. These forward-looking statements are made as of the date of thisnews release, and we assume no obligation to update the forward-looking statements,or to update the reasons why actual results could differ from those projectedin the forward-looking statements. Although we believe that any beliefs, plans,expectations and intentions contained in this press release are reasonable,there can be no assurance that any such beliefs, plans, expectations orintentions will prove to be accurate. Investors should consult all of theinformation set forth herein and should also refer to the risk factorsdisclosure outlined in our annual report and for the most recent fiscal year,our quarterly reports, and other periodic reports filed from time-to-time with OTCMarkets.com
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