Wholly-owned subsidiary, First Capital Venture Co., also plans to change its name to "Diamond Wellness, Inc."
FORT LAUDERDALE, FL / ACCESSWIRE / May 26, 2022 / PotNetwork Holdings, Inc. (OTC Pink:POTN) (the "Company") announced today that on May 5, 2022, it had filed a "Pre 14C" (a draft "Information Statement") with the Securities and Exchange Commission ("SEC"), in order to change its name to "Diamond Wellness Holdings, Inc." (the "Name Change"). Following the required 10-day SEC comment period, the Company has filed with the SEC the final version of the Information Statement on form DEF 14C and is posting this release and a formal notice of the Name Change on its website. After a mandatory 20-day waiting period, the Company will then file in Colorado, its State of incorporation, an amendment to its Articles of Incorporation implementing the Name Change.
Promptly afterward, the Company will request a change of its name and trading symbol on the OTC Market via a corporate action request to be submitted to the Financial Regulatory Authority ("FINRA").
First Capital Venture Co., the wholly-owned subsidiary of the Company, plans to also change its name for consistency, changing its name to "Diamond Wellness, Inc."
"These corporate actions reflect the singular focus of the Company on its primary revenue-generating business, Diamond CBD," stated Sohail Quraeshi, President and Chief Executive Officer of the Company. "And they are intended to signal to the market that the Company is evolving aggressively to meet the challenges of today's rapidly changing market."
"To help us meet this challenge, in February, the Company expanded its Board of Directors by adding three outside directors and appointing its first audit committee of the Board." He added, "The Corporation will also be shutting down the website, PotNetwork.com, a news and information site, in order to solely focus on its Diamond CBD business, which continues to grow. In connection with the website shutdown, the Company will also shut down and dissolve its subsidiary, PotNetwork Media Group, Inc. This website domain, PotNetwork.com, will be put up for sale."
PotNetwork Holdings, Inc. (OTCPINK:POTN), a publicly traded SEC reporting company, is a holding company for its subsidiaries, First Capital Venture Co., the owner of CBD, LLC, doing business under the trade style, Diamond CBD, and PotNetwork Media Group, Inc., the publisher of the information site, PotNetwork.com.
Diamond CBD, our primary operating subsidiary, focuses on the development, and marketing of premium hemp extracts containing isolates or a broad spectrum of natural hemp derivatives. All Diamond CBD's products contain the purest and most effective hemp-derived cannabidiols commercially available anywhere. Diamond CBD's product categories includes natural oils, tinctures, edibles, cosmetics, vape additives, lotions and creams. For more information, please visit our website at www.DiamondCBD.com.
Safe Harbor: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
PotNetwork Holdings, Inc.
1-800-915-3060
investor@PotNetworkHolding.com
SOURCE: PotNetwork Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/702717/PotNetwork-Holdings-Inc-POTN-Will-Change-Its-Name-to-Diamond-Wellness-Holdings-Inc
