FT. LAUDERDALE, Fla., April 27, 2016 (GLOBE NEWSWIRE) -- Kaya Holdings, Inc. (OTCQB:KAYS), the first publicly-traded U.S. company to own and operate marijuana dispensaries and a vertically integrated legal cannabis grow and manufacturing operation today updated stockholders on the filing status of its delayed Annual Report on Form 10-K for the year ended December 31, 2015. KAYS' management reported that the Company is working closely with its auditors to complete the overdue annual report and expects to file within the next week.
Craig Frank, KAYS CEO explained and apologized for the unforeseen delay in filing the report. “We worked with our accounting staff and audit team throughout 2015 to compile the data for our annual report and in early January of this year our auditors completed an onsite inspection and physical audit of our Kaya Shack™ Retail Marijuana Stores and Kaya Farms West Coast Base of Operations in Oregon. However, our filing has been delayed by unforeseen complex accounting calculations required by our auditors for debt that we have on Company books. Any interpretation of our delay in any other way is erroneous.”
The Company also confirmed that it will be holding an investors conference call within 1 business day of the filing of the 2015 Annual report on Form 10-K to review 2015 results of operations and the impact of legal recreational marijuana sales on operations, as well as to update stockholders and the investment community on planned business expansion and other matters. The call is currently scheduled for Wednesday, May 4 at 2:00 PM EST but may be rescheduled in the event the filing is completed earlier or later. The Company invites all shareholders and interested parties who wish to participate to dial in to 712-770-4010 and use the code 528890.
We also ask our stockholders to go to our website, www.kayaholdings.com and confirm their contact information utilizing the updates form located at the bottom of each page of the website so that we may provide you with any updates to the conference call or other news items on a timely basis.
About Kaya Holdings, Inc. (KAYS)
KAYS (OTCQB:KAYS) owns and operates Kaya Shack™ legal marijuana dispensaries in Oregon as well as its Kaya Farms Grow operations, which produce, distribute and/or sell premium legal cannabis products under the Company’s own brands, including flower, concentrates, and cannabis-infused baked goods and candies. KAYS is the first publicly-traded U.S. company to own and operate marijuana dispensaries and a vertically integrated legal cannabis grow and manufacturing operation.
IMPORTANT DISCLOSURE: KAYS is planning execution of its stated business objectives in accordance with current understanding of State and Local Laws and Federal Enforcement Policies and Priorities as it relates to Marijuana (as outlined in the Justice Department's Cole Memo dated August 29, 2013), and plan to proceed cautiously with respect to legal and compliance issues. Potential investors and shareholders are cautioned that AFAI and MJAI will obtain advice of counsel prior to actualizing any portion of their business plan (including but not limited to license applications for the cultivation, distribution or sale of marijuana products, engaging in said activities or acquiring existing Cannabis production/sales operations). Advice of counsel with regard to specific activities of KAYS, Federal, State or Local legal action or changes in Federal Government Policy and/or State and Local Laws may adversely affect business operations and shareholder value.
Forward Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For more information visit our website at www.kayaholdings.com or contact Investor Relations at 561-210-7664