Carson City, Nevada, July 03, 2018 (GLOBE NEWSWIRE) -- Pharmagreen Biotech Inc. (“Pharmagreen Biotech”) (“the Company”) (OTC PINK: AITGD), incorporated under the laws of Nevada, announces that during May 2018, it completed the share exchange agreement entered into on April 12, 2018 with WFS Pharmagreen Inc., a private company incorporated under the Corporations Act of British Columbia, Canada. With the completion of this transaction the stakeholders of WFS Pharmagreen Inc. held approximately 95.5% of voting control of the Company. This transaction is treated as a reverse merger with WFS Pharmagreen Inc., being the acquirer and the Company being the acquiree. In connection with this transaction, the Company intends to change its year end from April 30th to September 30th. The shares issued are subject to restrictions under applicable securities law.
Furthermore, the name of the Company was changed from Air Transport Group Holdings, Inc. to Pharmagreen Biotech Inc. to reflect the new direction and business of the Company. With this change, there was a reverse split of 1:200 of the issued and outstanding shares of the Company effective July 2, 2018. A new symbol “AITGD” replaces the current symbol “AITG” for a period of 20 business days and thereafter will be replaced by the symbol “PHBI”.
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC PINKS: AITGD) company. WFS Pharmagreen Inc. is a cannabis company that is becoming the largest producer of cannabis plantlets through a proprietary tissue culture process with opportunity to become one of the largest players globally. Pharmagreen’s mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same plantlets of cannabis and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various cannabis and horticulture plants; extraction of botanical oils mainly CBD oil, and to deliver laboratory based services to the North American Cannabis and agriculture sectors. For further information on the company progress on the construction of a 60,000 square foot “Cannabis Biotech Complex” please visit www.pharmagreen.ca
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The OTC Markets or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.