TORONTO, Nov. 19, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Wuhan General Group (China), Inc. (OTC PINK: WUHN) (the "Company" and "Wuhan"), today announces that it has agreed in principle to the terms and conditions regarding the previously announced acquisition of MJ MedTech, which will be concluded by December 15, 2018. Full details of the acquisition will be made public in the coming weeks. In addition, the Company's Board of Directors has nominated Jeff Robinson as Chief Executive Officer (CEO) to assume position on the aforementioned date and serve as Chairman of Wuhan's Board.
"This is the perfect time for Jeff Robinson to become Wuhan's next Chief Executive Officer. We've selected a very strong innovative leader at a time when Wuhan is heading in a brand new direction," said current CEO Ramy Kamaneh. "Today's pace of change in the medicinal cannabis and cannabidiol market is exponential. It is inevitable that most countries around the world will legalize marijuana for either recreational or commercial use. Navigating these disruptive markets and building out profitable business models is right up Jeff's alley. He will no doubt thrive in this highly dynamic environment. Jeff is unique in his ability to translate vision and strategy into world-class execution, bringing together teams and ecosystems that drive results. Jeff will move Wuhan forward with the speed required to capitalize on the incredible opportunities in front of us. He is a champion of building remarkable company culture and has an incredible ability to inspire, energize, and connect with employees, partners, customers and global leaders. Jeff's track record is exactly what Wuhan needs as we enter our next chapter, which I am confident will be our best ever."
Jeff stated: "I'm thrilled to be joining Wuhan. The opportunity that lies ahead is enormous, and the ability to lead and build this next chapter is deeply humbling and incredibly exhilarating. I'm fiercely committed to delivering excellence for Wuhan customers, shareholders, partners, and employees. At a time when the cannabis industry is on the cusp of more disruption than ever encountered, I couldn't be more confident in our ability to win many great battles."
"I've had the opportunity to watch Jeff grow as a leader over the last 6 years and am convinced there is no better CEO for Wuhan today," said Dr. Anna Morera Leralta, the newly appointed CMO. "Jeff has demonstrated such positive energy, passion, intellect, integrity, and charisma required for the position. Jeff stood apart as an entrepreneur with an extraordinary ability to connect vision, people and ideas to drive strategy and execution."
Wuhan also announces that Mr. Kamaneh, currently CEO and Chairman of the Wuhan Board of Directors, will remain a member of the Board, during this reorganisation, as a trusted advisor providing his time and support in overseeing the acquisition that will bring more value to the shareholders in growing the business and strengthening the company management.
About Wuhan General Group (China), Inc.
Wuhan General Group (China), Inc. through its wholly owned subsidiary MJ MedTech is a nutraceutical biotechnology company that owns, develops and commercializes a range of CBD-based products. At Wuhan, our mission is to advance CBD-based medicine to the forefront by deploying best practice science and medicine, clinical research and emerging technologies. Through acquisitions, Wuhan will enter the international 146.4 billion growing cannabis market for medical applications such as cancer, mental disorders, chronic pain, and others, expected to propel revenue growth in Canada, the U.S. and Europe.
For further information contact:
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.
Source: Wuhan General Group (China), Inc.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/57b1adbe-271a-4741-9c61-a8cc21c935a5