Salt Lake City, Utah, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Publicly-held Queench, Inc. (OTC Pink: QENC) announces the completion of a change of control with KRTL Biotech, Inc (KRTL) in which KRTL acquired voting control in a private transaction through Special Series A Preferred stock, acquired from Synergy Management and confirmation of QENC’s business model shift to biotechnology. As part of the transaction, Kai Kim was appointed CEO/President, Cesar Herrera was appointed COO, and Tony Hernandez was made Treasurer/Secretary of the company and Benjamin Berry resigned his positions.
“We are pleased with the headway thus far and are excited about moving forward in the public markets with intentions to help grow the market capitalization of the company” stated Kai Kim, Chief Executive Officer. “We have plans that will be disclosed to add shareholder value and to grow the company over the coming weeks and months.”
Queench, Inc. has started compiling the initial change of control information needed to OTC Markets as well as annual reports which will reflect the new changes. In connection therewith, the company also plans to seek a name and symbol change by application to FINRA to better reflect the newly combined company’s new business model and to complete a reverse takeover transaction with KRTL. Management expects that such milestones will be completed in the coming months.
Benjamin Berry has begun the closeout process with the Utah courts to discharge as court-appointed custodian. “I’m very pleased we were able to put Queench, Inc. onto a path of becoming a sustainable business once more,” stated Benjamin Berry, Court Appointed Custodian. “I firmly believe that new management is prepared and ready to deliver for the QENC shareholders.”
Statements in this press release that are not historical fact may be deemed 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. Although Queench, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Queench, Inc. is unable to give any assurance that its expectations will be attained. Factors or events that could cause our actual results to differ may emerge, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About KRTL Biotech, Inc:
KRTL is an international research and development company with operations in the US, Korea, and Canada, with a consortium of experienced Korean, Canadian, and US doctors and researchers dedicated to improving mankind’s debilitating physical and mental ailments with progressive pre-formulations created by KRTL. Their disciplines are in the CBD and psilocybin arena and their studies work with these and other plant-based products.
About Synergy Management Group:
Synergy Management Group, LLC and Benjamin Berry actively seek out abandoned and distressed companies to bring forward custodian / receiver petitions in the courts. Our objective is to rehabilitate and restore shareholder value for these corporations.