BARCELONA, Spain--(BUSINESS WIRE)--
Wuhan General Group (China), Inc. (OTC PINK: WUHN) (the "Company" and "Wuhan"), is pleased to announce the closing of our previously announced Letter of Intent to acquire 49% of Biodelta Nutraceuticals, Ltd. assets which includes the land, the buildings, and the infrastructure as well as the specialized greenhouse and drying ovens. These assets will be part of our new operational facility located near Cape Town, South Africa ("Acquisition"). Total consideration for the Acquisition is US$1.567 million paid in cash.
This transaction enables Wuhan to produce 36,000 kg of marijuana in phase one (300k sq. ft), and 175,000 kg (1.3M sq. ft) in phase 2. In addition, the facility will permit Wuhan to produce a very high-end organic CBD, eliminating market shortage risk and guaranteeing supply.
About Biodelta Nutraceuticals
Biodelta Nutraceuticals (ISO 22000 and organic certified) is a Cape Town-based manufacturer and merchandiser of premium health products to all pharmacy & health shop chains across South Africa. For the past 12 years, Biodelta has developed, designed and produced more than 1,000 products for these customers and is now strategically positioned to launch CBD products through these channels. In addition, Biodelta has license applications in process for growing, extracting and product development as well as dossiers for various CBD based products.
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About Wuhan General Group (China), Inc.
Wuhan General Group (China), Inc. through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company that researches, develops and commercializes a range of CBD-based products under the Dr. AnnaRx brand. In addition, its new division, M2BIO aims to explore and develop additional indications for psilocybin new therapies that will help patients who suffer from mental illness. Our mission is to advance botanical-based medicine to the forefront by deploying best practice science and medicine, clinical research and emerging technologies.
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Publicly traded company (OTC Pink: WUHN)
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Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.