Algae International Group Announces CEO Letter To Shareholders Detailing 18 Month Shift To Cannabis Business
DALLAS, May 12, 2015 /PRNewswire/ -- Algae International Group, Inc. (ALGA), today announced plans to change the corporate name from Algae International Group, Inc. to North American Cannabis Holdings, Inc. pending necessary approvals from FINRA.
The name change is being introduced to reflect the Company's shift over the last eighteen months to a concentration on the emerging, legal cannabis market in the United States.
More detail on the Company's cannabis sector concentration can be found in the letter to shareholders from the Company CEO, Steven Rash, included in its entirety below.
Late in 2013, the Company began shifting its focus toward the emerging, legal cannabis market within the United States. The Company launched a subsidiary called The American Seed & Oil Company to conduct various pilots in the legal cannabis sector in order to explore various high growth potential business opportunities.
A number of the pilot initiatives have shown promise. The Company will continue to develop existing and new pilot initiatives under the American Seed & Oil Company subsidiary.
More information on the pilot initiatives can be found in the 'news' and 'blog' sections of the American Seed & Oil Company website:
One particular pilot has established traction warranting the introduction of a dedicated subsidiary in order to fully seize a specific cannabis sector opportunity.
In conjunction with the corporate name change to North American Cannabis Holdings, Inc., the Company will at the same time be launching a cannabis infused beverage subsidiary. The Company is currently a distributor of the DuBe Hemp Energy drink. The Company has also been developing an expanded line of in house cannabis infused drinks. To augment the launch of the new beverage subsidiary, the Company anticipates completing the acquisition of a Dallas based fitness sector beverage company within the next 30 days.
North American Cannabis Holdings will initially have two operating subsidiaries. American Seed & Oil Company will continue to explore and develop new cannabis sector business opportunities. The new beverage industry subsidiary will complete the previously mention acquisition to develop a rapid growth, cannabis infused beverage company.
Over time, the Company anticipates introducing additional subsidiaries dedicated to the various pilot initiatives coming out of American Seed & Oil Company that gain traction similar to the cannabis infused beverage pilot.
In conjunction with the name change, the Company is re-domiciling the corporation from Nevada to Wyoming and reducing the authorized number of common shares by fifty percent.
Look for more news soon on the Company's updated cannabis industry focus and new cannabis infused beverage business.
About Algae International Group, Inc.
Algae International Group, Inc. (ALGA) (Name Change Pending) through its operating subsidiary American Seed & Oil Company, Inc., has been founded around the core belief that cannabis makes people's lives better. Cannabis can fight disease, improve wellness and do so in an environmentally sustainable manner. American Seed & Oil is dedicated to finding the best possible applications for cannabis to serve consumers. For more information please visitwww.americanseedandoil.com and look for a new North America Cannabis Holdings, Inc. website coming soon.
Follow the company on Twitter: http://twitter.com/US_HEMP
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.