Company to Apply for New Stock Symbol. Company Will Discontinue Any and All Prior Business of Globestar Industries Effective Immediately
LOS ANGELES, Aug. 25, 2015 (GLOBE NEWSWIRE) -- Globestar Industries ("Globestar" or the "Company") (OTC Pink:GSTI), a Wyoming corporation engaged in educational services, completed a share exchange on August 24th, 2015 with Better Business Consultants, Inc. DBA MJ Business Consultants ("MJB"), a California corporation. MJB specializes in cannabis industry consulting. Following the share exchange, the Company intends to change its name to Pineapple Express Inc. and apply for a new stock symbol. Effective immediately, all prior business of Globestar has ceased. MJB will continue on as a wholly-owned operating subsidiary of the Company.
Upon consummation of the share exchange:
- All prior Globestar directors and officers resigned and MJB's Matthew Feinstein was appointed to serve as the sole director and officer until additional directors and officers, including an experienced Corporate Compliance Officer, are recruited for the public company.
- 100,500,000 shares of common stock, constituting approximately 99% of the Company's issued and outstanding stock, were cancelled and 50,000,000 new shares of common stock were issued to the four shareholders of MJB. These four shareholders are Matthew Feinstein, Anya Mikhaylova, Jaime Ortega and Sky Island Trust (held by PVM International, Inc. and to be transferred into the aforementioned trust).
- $16,000 of debt owed to a former lender was extinguished.
"We are very excited to have completed this share exchange. We look forward to giving the public a comprehensive breakdown of all we have to offer in short order," commented Matthew Feinstein, CEO and Director of the Company. "We have a lot to offer the cannabis industry and I'm confident we have what it takes to be a relevant participant in the industry for years to come."
About the Company:
We are based in Los Angeles, California. Through our operating subsidiary Better Business Consultants, Inc. DBA MJ Business Consultants, we plan to provide capital to our canna-business clientele, assume the role as landlord and lease properties to those canna-businesses, and provide consulting and technology to canna-businesses to develop, enhance, or expand existing infrastructures. We intend to create a nationally branded chain of cannabis retail stores under the "Pineapple Express" name as soon as federal laws allow, which will be supported by anticipated Company-owned cultivation and processing facilities, and will feature products from anticipated Company-owned manufacturers. As long as cannabis remains federally illegal our operations will be limited to consulting, product licensing, leasing to and investing in existing and new canna-businesses, selling industry specific technology, and providing ancillary support services. We believe that our competitive advantages include our wealth of experience, business model, exclusive proprietary technology, and key industry contacts in an industry that is foreign to most. It is our expectation that these factors will set us apart from most of our competitors.