All Liabilities Significantly Reduced by $2,773,111
New York, NY, Dec. 03, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Dewmar International BMC, Inc. (OTCPINK: DEWM) announced that it is has completed the filing of its financial statements at OTCMarkets.com.
During the quarter for the period ended September 30, 2019, the company reported total liabilities of $278,057 as compared to liabilities of $3,051,168 for the same period in the previous year. The significant reduction in liabilities was a key goal for the new management team as it would have been difficult to execute the new management team’s business plan while it was continuing to pay off old debts. During the same period ended September 30, 2019, the shareholder’s deficit was reported at a deficit of $228,242 as compared to a deficit of $2,980,133 for the same period in the previous year.
Donald Hunter, Chairman and Chief Executive Officer of Dewmar, commented, “The task of completing the financials was not an easy one but we are glad we have been able to complete the filing of these financials as quickly as possible. Our next very near-term goal is to improve the health of the balance sheet by improving the company’s cash position. We have already begun working on that goal and we are making progress.”
Mr. Hunter continued, “When I took over, I assessed the company’s products and financial statements and knew there was much work to do. We immediately disassociated the company with Lean and as we announced previously, our focus will be on Kush Cakes and hemp products going forward. I recently met with one of the largest culinary arts schools in the world to discuss product formulations. Dewmar is working on formalizing a relationship with that institution.”
Mr. Hunter concluded by saying, “We have engaged counsel to provide a current information notice to OTC Markets and if the information and the current information letter that we submit to OTC Markets is satisfactory, we expect to be able to achieve “current information” status over the next 1-2 weeks. I would like to personally thank shareholders for their patience and their continued patience during this transition period. Our goal remains products that we believe can achieve $25,000,000 in revenue.”
Up until December 20, 2018, most hemp products on shelves in the United States were imported into the United States. However, the 2018 Farm Bill legalized the cultivation of industrial hemp and removed it from the list of controlled substances.
Industrial hemp contains all of the cannabinoids in medical marijuana but unlike marijuana, industrial hemp is low in THC (tetrahydrocannabinol – the psychoactive component in marijuana). Some strains of industrial hemp are also rich in CBD (cannabidiol), the cannabinoid which has been featured in hundreds of news stories for its therapeutic potential to potentially treat serious medical ailments such as epilepsy, cancer, pain, arthritis, and many others.
Industrial hemp’s uses are well beyond the therapeutic potential of CBD. The hemp seed and the oil derived from the seed is an excellent source of protein and essential fatty acids. Three tablespoons of hemp seeds contain about 10 grams of protein. The protein from the hemp plant is a more complete protein than proteins found in red meat, chicken and fish. Hemp seeds are sold in national health food and supplements retailers. The stalk of the hemp plant contains two types of fiber. The outer fiber can be processed into long strands which can then be used for textile manufacturing. The inner core which resembles wood can be used for animal bedding. The hemp stalk can also be used as a key component in the manufacturing of paper.
About Dewmar International BMC, Inc.
Dewmar International BMC, Inc. is a certified service-disabled Veteran owned business concern, new product development, manufacturing and brand management company. Established in 2003, one of Dewmar’s primary business strategies going forward is to market and license the Kush Cakes brand. Additionally, Dewmar is the owner of MarijuanaEmail.com, a user-friendly “retailer to consumer” information sharing platform that connects cannabis dispensaries to interested consumers. In 2014, Dewmar founded the United States Hemp Corporation, a Nevada based hemp incubator which partners with consumer brands to develop functional food and supplement products, and then help them expand their distribution channels through our existing relationships worldwide.
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Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E 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, the potential benefits of the cannabis plant, the commercialization of the cannabis plant, annual retail value of hemp products sold in the U.S., growth of industrial hemp product industry, potential uses of cannabinoids for treatment of various illnesses and diseases, product development 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 refer to the risk factors disclosure outlined in our annual report and for the most recent fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with OTCMarkets.com
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