San Francisco, California, July 24, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Simlatus Corporation (OTC PINK: SIML) (“Simlatus” or the “Company”) is a holding company focused on opportunities in the cannabis space. The Company owns and operates a number of subsidiaries with multiple revenue streams. While acquisitions of companies in the hemp sector accelerate worldwide as industrial and consumer hemp/CBD markets develop, our Proscere Bioscience is the company’s division focused on the CBD industry. In addition, the company’s diversity includes other subsidiaries, such as Satel Group, a premier high-rise DirecTV provider for the financial commercial and residential metropolitan San Francisco Bay area, and Simlatus, a manufacturer of audio/video products that currently sells to DirecTV, CBS, Fox News and Warner Bros, announces negotiations with largest cannabis processor in the world.
Richard Hylen, Chairman and CEO, stated, “The Company filed a Pre-14 (c) statement pursuant with an amendment to its Articles of Incorporation, which increased authorized shares from 975,000,000 to 1,500,000,000 with the Secretary of State of Nevada. The purpose for the increase in the number of authorized shares is pursuant with the note-holder requirements for the reserves specified under each of the notes on the Company’s derivative table. Fluctuation in the stock price enforces issuer compliance for note-holders to restructure share reserves. To some this event could be incorrectly interpreted as negative. I can assure everyone that, with an accurate understanding of the numbers, key relationships, and the Company’s goals, this is a very positive event for the Company and its followers. The total note value can easily be managed considering the analytics of the trading volume of approximately $1M per month. The technical data for our company is strong and compelling.”
Mr. Hylen further stated, “It is very important to understand the actual numbers the Company monitors critical to long term success. As of July 22, 2019, current issued and outstanding shares are 238,061,018; of which 103,021,354 shares are restricted and the remaining 135,039,664 shares unrestricted. The Company’s current value of notes and corresponding reserves is $1,131,683. The Company is positioned, as an anti-dilution measure to prepay $466,891 before notes mature. There have been 86,874,321 shares converted to retire notes since May 31, 2019. The company has traded approximately 210M shares since May 31, 2019 which is more than double the shares that have been converted and dollar volume of $2.3M. The Company is committed to allocate 50% of its revenues towards prepayment of notes which will provide the Company an opportunity to reduce the authorized shares pursuant with the reduction in reserves and dilution respectively.”
Safe Harbor for Forward-Looking Statements: This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in general economic and financial market conditions. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.