WEST PALM BEACH, FL / ACCESSWIRE / June 26, 2017 / Pure Spectrum Inc. (OTC PINK: PSRU) ("PSRU") (www.psruturnaround.com, psru@email.com (retail shareholders), and Twitter @PSRUSTOCK) is a development stage company. The Company, under interim management, is assisted by a preferred shareholder in securing a viable merger candidate.
We are the interim management of PSRU. We have been appointed by the preferred shareholder, Mina Mar Group (MMG) (www.minamargroup.com), to find a suitable candidate, to bring all filings up to date and to bring the company up to date. Accredited investors may contact corporate@minamargroup.com for further details.
Our mandate is to not only bring filings current and up to date, but to also restore the much-eroded shareholder value.
The interim management is providing this update to its shareholders and followers regarding various changes and updates currently under way.
- The Company was acquired under a certain share purchase agreement (preferred shares), March 17, 2017, as a distress asset.
- All previous assets and operations conducted by former PSRU management have been either written off or are at nil value, in the opinion of the current management.
- The current management listed on OTC markets is no longer with the company (Joel Notario - the Seller). This includes any financiers and directors, debt holders of non PSRU assets, and those trying to download and intertwine PSRU affairs with other business. Followers should only follow the SEC filings appearing on OTC Markets web site until the company (new management after merger) resumes filing with OTC. The interim management has retained a Florida based law firm to address the debt download and overhang issues.
- The PSRU preferred shares were acquired by its current management as a distressed asset in peril. The company secured several backers to assist it in its turnaround process. Details of the transaction will be filed as a separate 8-K shortly.
- One of the options was to locate a suitable merger. This is well under way. More updates will become available as the process materializes.
- The current interim management is aware that some shareholders have raised a concern that the Delaware State filings are way overdue with some $200,000 due in franchise tax filings. This sum, due and the relatively small size of PSRU, places PSRU in peril. The interim management is well aware of this and is taking legal restructuring steps, with an expert legal team in Chicago, Illinois. The complex restructuring will allow PSRU to restructure and settle the Delaware fees / claims and reorganize in Wyoming. The surviving entity in Wyoming has already been incorporated and awaits the finalization of the Delaware restructuring.
- Currently, we are looking at two potential PSRU merger candidates; namely, a marijuana cultivation factory in Ontario, Canada and a medical marijuana corporation located in the United States. The interim management is of the opinion that these mergers will bring the greatest return and restore shareholder values to the company. Both candidates show tremendous potential. Current interim management is vigorously working towards finalizing one of these two potential merger prospects.
- Points # 3 and # 6 of this release are simultaneously being addressed by two separate and unrelated legal firms to assist PSRU interim management in restoring stability and the removal of the cloud currently over PSRU.
- News and updates of PSRU progress can be followed at our web site, www.psruturnaround.com, and our Twitter account @PSRUSTOCK.
- All of these aforementioned updates and material events will be followed up either by an OTC Markets or SEC filings as events crystalize, obviously in a timely manner.
- The interim management is confident that it will be able to achieve all their objectives as outlined in this news release and upcoming filings.
More details will follow shortly and on a timely basis.
Email: psru@email.com
DISCLAIMER
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential," and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve risk, which could cause the actual results to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
SOURCE: Pure Spectrum Inc.
