The Company positions itself for future growth while building long-term shareholder value
LOS ANGELES, June 20, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — NUGL Inc. (NUGL), a technology and multimedia platform for the cannabis industry, is pleased to announce the cancellation of outstanding shares of common and preferred stock in an effort to increase overall shareholder value.
The Company is pleased to announce it has taken all necessary action to cancel and return to treasury all 10,000,000 outstanding Preferred Shares and 5,000,000 Common Shares effective June 20, 2019.
As a result of the cancellation and return to treasury, effective June 20, 2019, the Company will have 41,442,284 shares of common stock and 0 shares of preferred stock issued and outstanding.
“The company is growing rapidly and last quarter we posted record financials,” stated CJ Melone, NUGL founder. “With two successful media acquisitions under our belt, Professional Marijuana Grower and Garden & Greenhouse, and the launch of NUGL MD, we are securing our place in the cannabis sector as a technology leader. As always, we govern our public company structure and operations with shareholder value as a primary objective.
“With an eye for future acquisitions, we believe this restructuring allows us to build shareholder value and progress towards achieving our 2019 initiatives. I look forward to updating our shareholders over the coming weeks with additional information,” added Melone.
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the foregoing. Such forward-looking statements are generally qualified by terms such as: “plans”, “anticipates,” “expects,” “believes” or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information. These factors are discussed in greater detail in the company’s business plan and filings with the OTC Markets Group.