COCONUT CREEK, Fla., Feb. 20, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTC:BDCI) has retained counsel to assist the Company in filing a Form 10 with the SEC.
The newly retained counsel has authored a legal opinion for the auditors so the audit of the Company can resume. The audit process was halted in January of 2017 after the discovery of a transaction that closed 2009. The audit team had successfully completed rolling the financials forward from January 1, 2014 through September of 2016.
The audit process is expected to resume shortly while the Company works with its legal team to draft the Form 10 filing.
BDCI is engaging a contract CFO to assist the Company in completing the audit process. The contract CFO will work directly with the auditors on behalf of the Company during the audit process and should help speed the process up.
The completion of the Form 10 will bring enhanced transparency as well as additional liquidity to the shareholders.
Bahamas Development through its majority ownership of Cannabis Consortium, Inc. is moving rapidly into the MJ sector. Over the coming weeks the Company will be releasing updates on its progress in California.
The Company has withdrawn its pending name change with FINRA. The decision was based on the progress being made entering the MJ sector and potential changes to the Company that might come as a result of future transactions, such as the Company's name and/or management.
About Cannabis Consortium
Cannabis Consortium:
Cannabis Consortium is comprised of four (4) revenue streams compromising specialty items, foodstuffs, beverages, and one (1) research division. Three (3) of the revenue streams are derived from edibles and the other revenue stream is from investments. The research division will focus on the medical benefits of CBD oils for the treatment of animals.
Trans Global Group, Inc. (OTCPINK:TGGI) is the majority shareholder of BDCI and has an exclusive marketing agreement with Cannabis Consortium for its specialty products.
Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of services and equipment markets, release of corporate apps, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also consider that any investment in securities is at risk.
Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure on otcmarkets.com.
For additional information about this release please contact:
Investor Relations:
Matt Dwyer
matt@cannabisconsortium.net
www.cannabisconsortium.net
954-905-9896