TEMECULA, CA, May 07, 2018 (GLOBE NEWSWIRE) -- HOP-ON, INC. (OTC:HPNN) is announcing that there were several topics on the company that were discussed during the meeting on April 30th.
Peter Michaels, Chairman and CEO of Hop-on, Inc. stated:
- "Peter Michaels is still Chairman and CEO of Hop-on.
- On December 20, 2017 Hop-on announced that it secured an adjustable line of credit. However, the lender and Hop-on could not come to agreeable terms when it came to funding, so Hop-on is now seeking a new financing alternative.
- During the meeting, we discussed auditing the Hop-on and spinning off Re-Medical as a separate public company. The spin-off would pay Hop-on current shareholders on a future date a cash dividend or stock issuance from the new public company. Hop-on is also seeking a possible joint venture with another company to sell or buy others in this space.
- One of the reasons why we sought funding was to acquire Hop-on stock on the open market. That is still in my plans, especially since the Re-Medial/Cedar business is picking up on sales. I believe the market makers who have open shorts and keep pulling our company down will have to cover. They can’t pay cash dividends or stock dividends. This is a work in progress and is extremely important to me.
- On the issue of compensation, I was looking forward towards a cash bonus and a consistent paycheck. Since the funding was a failure, that is not happening.
- Good news on the Nuts on a Message Board. The last several months, I have been working with other CEO’s and Shareholders from other Companies who they attack. Our attorneys are getting the IP addresses for those interfering with people’s businesses in a cowardly way. I am doing everything possible to stop this kind of behavior. It’s unfortunate that I did not have time to explain to the shareholders some of the negative rhetoric that is posted on anonymous chat boards. People use this forum for shorting stocks and posting negative comments.
- Re-Medical is trying to obtain a license for MMJ in California for manufacturing and distributing. There will be more news on this in the short future.
- Re-Medical has been working on a distribution deal for the last 6 months for an International Distribution of CBD. Re-Medical is seeking the proper funding to address the many business opportunities.
- On the licensing deals, I have been working on a large deal with a huge Chinese conglomerate. Recently they have signed other licensing deals and now are seeking the largest IPO in Hong Kong in years. There are other companies that need our license expertise and potential distribution deals. Licensing deals are extremely complicated, on both sides of the transaction, there is a lot of legal interpretation, sometimes even explaining the US Laws and regulations and Europe, showing the benefits of a transaction, negotiating the actual terms once royalties are being paid and the reality is that they just want to not pay anything. So sometimes it takes the essential patent holders to litigate the issues. Even then, they still don’t want to pay, but when they do, it’s huge!"
Re-Medical, Inc., a wholly owned subsidiary of Hop-on, is focused on alternative ways to deliver vitamins, supplements and other healthful products such as cannabis, utilizing transdermal patches and other novel technologies. The company has developed and isolated the benefits of cannabis and other vital plant extracts for best patient care. There are an estimated 80+ cannabinoids found in cannabis, each providing distinctive neuropathic effects. The company is currently applying for patents regarding the delivery of cannabis via transdermal patches. Re-Medical patches offer cost effective, accurate and clean delivery of these unique compounds. For more information, please visit www.re-medical.com
Hop-on, Inc. (HPNN.PK) is a global ODM and OEM manufacturer of electronics, based in the United States. Over the past 20 years, Hop-on has successfully secured essential patents for mobile communications and computing technologies, and is respected for developing the world’s first disposable cell phone. Hop-on's focus on smartphones and innovative mobile device applications is bringing cost friendly solutions to today's demanding world market.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.