NEW YORK, March 25, 2004 (PRIMEZONE) -- Amigula Incorporated -- The World's First Publicly Traded Marijuana Company intends to expand into the lucrative Western Australia market. Amigula Incorporated (Pink Sheets:AMJL) a publicly traded company in the United States is seeking to list on the Australian stock exchange.
Western Australia -- Marijuana use as of today is effectively decriminalized.
Western Australian Premier Geoff Gallop has defended the State's new cannabis laws, which came into effect yesterday. People caught with a small amount of cannabis, or with no more than two plants, will either be fined or will have to complete a counseling session, rather than incur a criminal record.
"We are not legalizing the use of cannabis but we're putting in place more liberalization with appropriate penalties.
"This is a good news day for us states," Warren B. Eugene President of Amigula Incorporated. "Now that Western Australia has had the foresight to decriminalize marijuana it won't take long for them to realize that there is a large potential tax base to capitalize on. The entire region will eventually unfold and we will be able to market our brands there."
"This is another remarkable opportunity for our company," says Peter Hilton Mijovick, treasurer of Amigula Incorporated. "Warren Eugene, our company President, has once again called this one right. He said that Australia and New Zealand would be the first in the region to decriminalize marijuana -- the way things are unfolding -- we could be in multiple markets within the year."
Says Warren Eugene, "We intend to file with the Australian Stock Exchange. We will focus on the revenue model for medical and recreational marijuana." Mr. Eugene also goes on to say, "It would make good economic and political sense in Australia to regulate and tax marijuana as they do tobacco and alcohol. There is a huge, untapped taxable base available to support many initiatives including the paying down deficits, the funding of social initiatives such as the ailing school system and the distraught medical system, social insurance, homelessness, the arts, sports -- all contribute to the overall good of people around the world. In just this stand alone model, over $900 million per year in tax revenue may be realized." The company is an original-agricultural-pharmaceutical-brand.
Mr. Eugene is planning to attract large-name Hollywood celebrities to endorse his company's marijuana products. He feels the timing -- becoming a reporting issuer -- is very beneficial to the project.
Mr. Eugene is recognized as a pioneer in industry as a founder of both Internet Gaming and E-cash (Electronic Cash), producing timely entrepreneurship while recognizing opportunities created through technological advances. He has been featured in esteemed publications like Time Magazine, USA Today, and The Wall Street Journal as well as prominent network and distribution channels like CNBC, CBS, MSN, CNN, Reuters, Bloomberg, PBS, AM New York and hundreds of international news services.
About Amigula Inc.
Amigula Inc. (www.Amigula.com) has recently completed the purchase of 51% of Medical Cannabis Inc. and has announced their plans to file as a reporting issuer. The company plans to list on a major exchange beginning with an application for a listing on the American Stock Exchange (AMEX) or Nasdaq as well as several European exchanges. The company views the current prohibition of marijuana as similar to that of alcohol, beer and tobacco. Canada's marijuana crop alone is estimated at $4 billion to $7 billion. If a single company controlled it, it would be larger than Canada's oil and gas business and agricultural industries. On October 7, 2003 the Ontario Superior Court ruled that business and individuals be allowed to grow and supply medical marijuana, effectively relieving the Canadian government of its often criticized and fairly unsuccessful attempts. Health Canada "permitted persons" (exemptees) can now pay Amigula to grow marijuana for them. The ruling makes it easier for sick people to get marijuana by allowing them easier access -- more choice and fair prices. The company has a mandate to develop and improve the medical marijuana business worldwide and is on the acquisition and consolidation trail of other legal licensed marijuana operations with notable international brands.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.