SAN FRANCISCO, CA, July 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Simlatus Corporation (OTC PINK: SIML) (“Simlatus” or the “Company”) is a holding company focused on opportunities in the cannabis space. The Company owns and operates a number of subsidiaries with multiple revenue streams in the CBD industry. Proscere Bioscience is the company’s division focused on the CBD industry. In addition, the company owns Satel Group, a premier high-rise DirecTV provider for the financial commercial and residential metropolitan San Francisco Bay area, and a manufacturer of audio/video products currently sold to DirecTV, CBS, Fox News and Warner Bros.
Pursuant with the most recent Form-8K filed on June 28, 2019, the company has settled and retired to treasury approximately $150,000 in convertible debt, whereas the Board of Directors approved a Release Agreement with Emunah Fund, LLC to prepay a convertible note dated January 31, 2019 that the Company issued to the Holder in the principal amount of $33,000 (the “Note”). The current principal amount of the Note is $77,800. The Company agrees to make a $25,000 payment due on July 1, 2019, $25,000 due on or before August 1, 2019 and the balance of $27,800 on or before September 1, 2019. Upon the full execution of this Agreement, the Holder releases 61,462,698 shares of common stock (valued at $614,627) from the shares of common stock reserved on its behalf pursuant to that reserve letter from the Company to the TA dated May 15, 2018.
During the past several months the Company has retired and returned to treasury $2.7M in Convertible Debt using its cash reserves to quarantine toxic conversions, stock dilution and preserve its equity.
The acquisition of Satel Group in 2018 provided not only a diversity in the growing internet technology industry, but also provided the asset and revenue base in order to eliminate any shell-risk as the company seeks listing on the NASDAQ Exchange.
Richard Hylen, Chairman and CEO, stated: “Our shareholders and management team have been on an impressive run ever since the company expanded its footprint into the cannabis sector with our most recent acquisition of Proscere Bioscience. With this acquisition, the company gained access to a cold-water CBD extraction Technology that presents an exciting opportunity on revenue generation. With the acquisition, the company has gained access to a valuable asset capable of strengthening its revenue base, with a current $2.8M in its first purchase order, and commitments of $275M over the next 5 years. The company has already set sights on Canada, USA, and Europe as it embarks on aggressive commercialization drive for the cold-water CBD extraction systems.”
Safe Harbor for Forward-Looking Statements: This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in general economic and financial market conditions. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Richard Hylen, CEO