GRASS VALLEY, CA, March 25, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Simlatus Corporation (OTC Pink: SIML) ("Simlatus" or the "Company"), the Company announces that M&K CPA’s are on track to complete and file the annual audit ending December 31, 2019.
Chairman and CEO, Richard Hylen, states, “First of all I want to thank our shareholders, noteholders, service providers and staff for the support and hard work required to complete the merger. Our auditors will be on track to complete the Satel Group audit and consolidated audits for SIML on time in order to file our Form 10K. Satel Group audits required 2016, 2017 and 2018 financial records which demonstrate several million dollars in revenue and assets.”
Mr. Hylen further stated, “Proscere Bioscience will make its announcement in a private news release regarding distribution partners in Canada, United States, and Europe. We will begin to deliver our cold-water CBD extraction system by the end of next quarter. Our CBD extraction systems range from $750,000 for a high-end commercial system capable of 3000 gallons per day, to our low-end model costing $400,000. Our distributors have an exclusive 5 year license with sell volume discounts of up to $50M per year. Europe is already a fertile ground for hemp and it is growing fast thanks to the increasing consumption of other hemp-based products. In 2016, 33,000 hectares of hemp were cultivated on the continent, which equals about 81,500 acres. In the same year, the United States grew 9,650 acres. Our commercial cold-water CBD extraction system is expected to yield $225M over the next 5 years, based upon expected growth and application.”
About the Company: The holding company owns various subsidiaries which operates multiple revenue streams in the CBD Industry, Major Broadcast Industry and Internet Service Provider Industry.
Proscere Bioscience manufactures a commercial grade cold-water CBD extraction system for pharmaceutical based utilization and an aeroponic commercial grade grow container for government food-safety programs, commercial and medical grade CBD growing facilities.
Satel Group is a premier high-rise DirecTV provider in the San Francisco metropolitan area, and is now expanding both DirecTV and Internet services across the SF Bay Area. With 20 years in operations, the company projects $12M in revenue over the next 3 years.
Simlatus manufactures audio/video equipment that is its own proprietary systems for the major broadcast studios, such as Warner Bros., Fox News, CBS, and DirecTV, as well as Government military applications and underwater oil exploration.
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.