CENTENNIAL, CO--(Marketwired - Aug 11, 2015) - CannaGrow Holdings, Inc. (
Delmar Janovec, CannaGrow CEO, comments, "The Company filed with the Delaware Secretary of State Division of Corporations on August 11, 2015 whereby the Company amended its Articles of Incorporation upon receiving written consent by more than 70% of the shareholders of the Company. The amendment will decrease authorized common stock of CannaGrow Holdings, Inc. from Five Hundred Million (500,000,000) shares to Three Hundred Million (300,000,000) shares with an effective date of September 22, 2015. Shareholders of record as of August 7, 2015 will be provided a Notice of the Corporate Action pursuant to Delaware State requirements.
We believe reducing the authorized common stock the Company is able to issue will enhance the shareholder value and build investor confidence. Over the last fourteen (14) months the company has reduced its authorized shares three (3) times. The Company has also reduced its issued & outstanding shares by twenty five million (25,000,000), bringing the total issued & outstanding to One Hundred Two Million Seventy-Three Thousand and Four Hundred Thirty-Four (102,073,434) shares. We strongly believe maintaining a non-dilutive share structure is fundamental to building and maintaining shareholder value. There have been no free trading shares issued by the company since June 30, 2014. The Company does not anticipate new issuances of free trading stock nor any conversations of convertible notes over the next twelve (12) months."
102,073,434 a/o Mar 31, 2015
25,762,901 a/o Mar 31, 2015
ABOUT CANNAGROW HOLDINGS:
CannaGrow Holdings, Inc. has entered the Medical/Recreational Cannabis Industry as a Lessor, Liaison, and Consultant to licensed Growers providing them with turnkey Growing Facilities in the State of Colorado. The Company intends to expand this business model within this industry as business opportunities evolve whereby providing for the highest return to its shareholders.
CannaGrow Holdings, Inc. is currently working with a website designer to update its website to reflect the business model the Company is currently involved within the Cannabis Industry.
CannaGrow Holdings, Inc. does not and will not, until such time as Federal law allows, grow, harvest, distribute or sell marijuana or any substance that violate the laws of the United States of America.
CannaGrow Holdings, Inc. encourages the public to read the above information in conjunction with its year-end statement for December 31, 2014, and the quarterly statements filed in calendar year 2015, at www.otcmarkets.com.
The information contained in this press release may include forward-looking statements. Forward-looking statements usually contain the words "may," "could," "possibly," "feel," "estimate," "anticipate," "believe," "expect," or similar expressions that involve risks and uncertainties. These risks and uncertainties include the Company's uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its services, competition, limited service facilities, dependence on technological developments and protection of its intellectual property. The Company's actual results could differ materially from those discussed herein.