NEW YORK, Nov. 18, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (SGMD) (“Sugarmade”, “SGMD”, or the “Company”), a major supplier to the hydroponic cultivation and hemp sectors, is pleased to provide a strategic update as the Company advances plans to uplist to a major US exchange while moving toward another targeted acquisition. Based on the strategy the Company has laid out, management believes Sugarmade will be on track to reach excess of $65 million annualized revenues.
“We have an ambitious plan to create a viable path toward another major acquisition while extending our stepwise climb onto a major US exchange listing as we continue to expand operations in a rapidly growing market,” stated Jimmy Chan, CEO of Sugarmade. “The key steps that will facilitate this evolutionary process are a 14C filing and leveraging our superior market positioning in current and forthcoming negotiations, both of which are readily accessible and attainable ideas.”
Management notes that, in accordance with these plans, the Company has submitted a Schedule 14C Filing for a reverse split of its equity to establish SGMD stock above $4/share. Along with its aggressive organic expansion and recent M&A activity, this combination should qualify the Company for a Nasdaq listing.
Following its acquisition of BZRTH, Inc. (“BZRTH”) last month, the Company is continuing to aggressively roll-up a dominant position in the $24 billion hydroponics space. Sugarmade is currently engaged in negotiations involving another major acquisition. The Company will update shareholders and interested potential investors as events transpire.
Mr. Chan continued, “We understand that reverse stock splits are usually viewed negatively because they generally happen in response to serious problems with a publicly traded company. But they can also be part of a strategic plan that is tethered to strong future growth and expanding shareholder value. In this case, we are dealing with the latter case. The move will enable Sugarmade to generate immense amount of new shareholder value through both expanded operations and better terms in accessing new investment markets.”
About Sugarmade, Inc.
Sugarmade, Inc. (SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. The Company is becoming a leading supplier to the growing hemp industry and is benefitting from the growth of the hydroponic marketplace. The Company is in the process of acquiring several leading hydroponic and agricultural supply companies that are currently producing in excess of $70 million in annual revenues. Sugarmade is also an investor in fast growing Hempistry, Inc., a Kentucky-based cultivator, operates Zenhydro.com a leading supplier to the Online Hydroponic Market and Carryoutsupplies.com a leader provider to the quick service restaurant industry.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others. Such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements.
Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
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