New York, NY, Oct. 02, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Dewmar International BMC, Inc. (OTCPINK: DEWM) issued its first shareholder update from the new management team. As previously announced, Marco Moran has resigned from the Board of Directors and from his long-time position as CEO. Former Wall Street executive Don Hunter has been named as the company’s new Chairman and CEO. The company is also in the process of re-building the company’s board. Along with Don Hunter, Mr. Fenton has agreed to join the Board of Directors. The Company is also expecting to add new directors to the board over the short term and those appointments will be announced accordingly.
The first step taken by the new management team is to discontinue its association with Lean. Although the previous management team worked tirelessly to build the Lean brand, the brand is not generating enough revenues to justify allocating valuable resources to market Lean.
Donald Hunter, Chairman and Chief Executive Officer of Dewmar, commented, “We appreciate the efforts of Marco Moran. Unfortunately, Lean does not fit the potential revenue target for our corporate goals. As we stated in our previous press release, we are only interested in brands that can achieve a minimum amount of $25,000,000 in revenues. After almost a decade of efforts, it is clear to us that Lean does not meet that criterion.”
Dewmar’s focus going forward is to grow hemp and to produce products that are derived from industrial hemp. Kush Cakes clearly fits the company’s plans for the future. Dewmar owns a valuable trademark which is currently on the supplemental register of the United States Patent and Trademark Office. Shortly, the company will be taking steps to move to the principal register of the USPTO. This move will dramatically increase the value of the trademark and place the mark in incontestable status. Dewmar has also filed for trademark protection in Canada. This trademark protection will be important to cannabis companies in Canada as the company pursues licensing agreements to build the Kush Cakes brand.
Mr. Hunter commented on Kush Cakes, “One of the many reasons why I accepted the position of Chairman and Chief Executive Officer of Dewmar is because of the value of the Kush Cakes trademark and brand. This valuable trademark has been underutilized and much of our focus will be to make Kush Cakes one of the most valuable brands in the hemp industry. We have already begun to take steps that will be reflected in the value of our company in the near future.”
Dewmar is also immediately taking steps to get the company back to fully current status on OTC Markets. The process should be complete in 2-3 weeks. Immediately thereafter, Dewmar will begin the process of once again becoming a fully reporting company with the Securities Exchange Commission. In order for the company to attract quality capital so it can properly execute its business plan, the management team believes it is imperative to get back to fully reporting status as soon as possible.
Mr. Hunter added, “Although there will be a series of steps that will get us there, our goal is to ultimately trade on NASDAQ. Not only will NASDAQ improve shareholder value, it will allow us to form business collaborations with large companies. This is a top priority for my team.”
Much of our business efforts in the future will be run though United States Hemp Corporation. United States Hemp Corporation was formed in 2014 in the State of Nevada. The subsidiary was instrumental in assisting Dewmar in creating the Kush Cakes recipe which includes hemp. We are only one in a small handful of public companies that has had a subsidiary in business for over 4 years that has actually created and sold a product containing hemp. That also includes most Canadian cannabis and hemp companies which trade at many times the market capitalization of Dewmar.
Mr. Hunter completed his comments by saying, “We appreciate the efforts of the former officers and directors of Dewmar. However, with a new management team comes a new vision and direction and we have begun forging a new path to build shareholder value the day I became Chairman and CEO.”
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, Dewmar’s primary business strategy has been in creating high profit margins with functional foods and beverages, such as Lean Slow Motion Potion, which is rated as one of the top 3 national selling relaxation beverages in the U.S. market and Kush Cakes relaxation brownies. 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.