ATLANTA, April 27, 2017 (GLOBE NEWSWIRE) -- Incumaker, Inc. (OTC Pink:QMKR), announces that, Eastern Starr Biotech, Inc., and CEN Biotech, Inc. (hereafter collectively referred to as the “Companies”) have received inquiries from a few shareholders regarding the status of the merger agreement between Eastern Starr Biotech, Inc. and CEN Biotech, Inc. First, while we want to make sure that shareholders, as well as the public at large, are apprised of the status of the merger. We encourage all to understand that the companies are prohibited from discussing any non-public information with individual shareholders, as that would violate securities fair disclosure rules. Therefore, the companies will be putting out periodic joint press releases in order to keep shareholders and the public informed about the status of the transaction while also complying with securities law disclosure rules. Please understand that a great deal of work must be completed to finalize this transaction, thus, the companies ask for your patience as they work toward successfully completing this transaction.
The companies have identified and satisfactorily completed, some of the material tasks to be performed, among others, in order to finalize the transaction successfully. This list, while certainly not exhaustive, should give the shareholders a general idea of what must be accomplished to complete the merger:
- A Certificate of Amendment to increase the authorized shares of Incumaker, Inc., from 75 million to 750,000,000, has been received by the Delaware Secretary of State and is being processed.
- Once the Certificate of Amendment is processed, and the authorized shares increased, the stock must be properly registered with the SEC; and
- The process of registering the stock is a complicated and time consuming process. Shareholders must be patient. This will not happen overnight; and
- The company will have a better idea of the approximate time that the merger transaction can close (and the record date for the disbursement set), once the registration (or exemption) process is underway; and
- The registration of stock must be approved by the Securities and Exchange Commission, and the proper communications with FINRA must be completed; and
- The remaining consideration from CEN, such as transfer of contracts and other assets, will take place;
- Once the stock has been properly registered or exempted from registration, and such registration approved by the Securities and Exchange Commission, the Incumaker, Inc. common stock issued as consideration on behalf of Eastern Starr Biotech, Inc. will then be disbursed to the CEN shareholders as of the record date to be set in the near future.
The Companies are excited about finalizing this transaction, but again, request that shareholders be patient as the Companies work to complete this very complicated and arduous transaction. The Companies thank you for your patience and attention to this important matter.
About CEN Biotech, Inc.
CEN Biotech is an early stage Canadian biopharmaceutical company founded to integrate agronomical and pharmaceutical principles for the purposes of growing, selling, processing and delivering pharmaceutical-grade medical marijuana in its pure and extracted form to patients in accordance with Health Canada’s newly-formed Marijuana for Medical Purposes Regulations (MMPR).
CEN had been actively pursuing business opportunities globally with the intent to grow, sell, process and deliver pharmaceutical grade medical marijuana in various drug delivery mechanisms within nations where it is legal. CEN has also been pursuing an entry into the hemp production industry.
Company Disclaimers:
As a "penny stock" Company, within the meaning of federal and state securities law, Incumaker, Inc. may not avail itself of the Safe Harbor provisions as identified in the Private Securities Litigation Reform Act of 1995. However, Incumaker, Inc. provides the following disclaimer and warning to protect our shareholders, prospective investors and the public at large by alerting them to the risks and uncertainties involved with any investment, and the need to perform their own due diligence and assessment.
Forward-Looking Statements:
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.