WESTMINSTER, CO--(Marketwired - Oct 31, 2014) - Cannabis Kinetics Corp. (OTCQB: CANK) ("Cannabis Kinetics" or the "Company") an emerging fully integrated cannabis management company, is pleased to report that it has completed several tranches of an on-going financing strategy. To date, a total of $420,000 has been raised from 15 investors in exchange for 35,000 shares of Series B Convertible Preferred Stock ("Series B Shares").
"It's very encouraging that we have been able to secure our early stage financing requirements with a close group of investors that have continued to demonstrate their confidence in our on-going brand development and acquisition strategy," commented Eric Hagen, CEO of Cannabis Kinetics Corp. "We look forward to completing additional rounds of funding in the near future towards the short-term goal of financing the scheduled cash payments for The Big Tomato acquisition and several other Cannabis Kinetics and Monarch brand development initiatives."
Series B Shares pay a dividend of 4% per annum and are convertible at any time at the option of the holder into shares of common stock of the Company at a conversion ratio of 24 shares of common stock for each Series B Share.
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Additional information regarding the Company can also be found on its website at www.CannabisKinetics.com.
Cannabis Kinetics files reports with the Securities & Exchange Commission on EDGAR and anticipates continuing to file such reports. The Company's filings can be viewed at www.sec.gov.
Contact:
Cannabis Kinetics Corp.
Toll-Free: (888) 668-2280
E-mail: media@CannabisKinetics.com
Website: www.CannabisKinetics.com
Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend," and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including whether Cannabis Kinetics Corp. will raise additional funds and have the necessary funds to close on the transaction described in this press release, which it does not have as of the date of this press release. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Cannabis Kinetics Corp.'s filings with the Securities & Exchange Commission. As a reporting issuer with the Securities & Exchange Commission, Cannabis Kinetics Corp. files Quarterly and Annual Reports and other documents on EDGAR. We strongly urge all persons to read our filings at www.sec.gov, which are publicly available, in conjunction with this press release as we are in a highly regulated industry that requires thorough research prior to making any decision regarding a company, particularly an investment decision. In addition, such statements could be affected by risks and uncertainties related to Cannabis Kinetics Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified management representatives, (iv) competition, pricing and development difficulties, (v) ability to fully implement our business plan as a result of being a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. Cannabis Kinetics Corp. does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from Cannabis Kinetics' expectations and estimates. Information on Cannabis Kinetics Corp.'s website does not constitute a part of this release.