Wuhan Signs Letter of Intent to Acquire MJ MedTech
TORONTO, Oct. 04, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Wuhan General Group (China), Inc. () ("Wuhan" or the "Company"), announced today that it has signed a non-binding Letter of Intent ("LOI") to acquire all of the issued and outstanding shares in MJ MedTech Inc. ("MJ MedTech").
The transaction would include all assets, including production/manufacturing, distribution, licenses, formulations and IP and would represent Wuhan's entry into the U.S., Canadian and European markets for medical cannabidiol (CBD) products.
The final terms and closing of the transaction are subject to the negotiation and execution of a definitive agreement and certain other customary conditions including the receipt of all necessary regulatory approvals. The transaction is expected to close in the fourth quarter of 2018.
The entering into of the LOI follows Wuhan's recently announced appointment of Dr. Anna Morera Leralta, ("Dr. Anna") as the company's chief medical officer (CMO) and her role in seeking out opportunities in the medical cannabis and CBD sectors.
The global legal cannabis market is expected to reach USD 146.4 billion by end of 2025. Growing adoption of cannabis in several medical applications such as cancer, mental disorders, chronic pain and others, is expected to propel revenue growth.
"Signing this LOI is another key strategic step forward for Wuhan, and we are excited by the prospect of entering this marketplace that is still in its very early days. By establishing a presence in the U.S., Canada and Europe, we anticipate the potential for huge growth and to build sustainable long-term shareholder value," said Ramy Kamaneh, CEO of Wuhan.
In light of the transaction, Wuhan has made the decision to suspend its cryptocurrency mining operations and plans until further notice.
About Wuhan General Group (China) Inc
Wuhan General Group (China), Inc., is a Nevada-based investment company focused on emerging technology and medical cannabis and cannabidiol (CBD) sectors. Through acquisitions, Wuhan will enter the international 146.4 billion growing cannabis market for the medical applications such as cancer, mental disorders, chronic pain, and others are expected to propel revenue growth in Canada, the U.S. and Europe.
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Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Source: Wuhan General Group (China), Inc
