Here is the meat of it all.
"Moving forward, management has determined that the best course of action is to revert to UA Multimedia, Inc., and alternatively form a new subsidiary under the brand "Cannaxa", by which to conduct its cannabis related business. The Company plans to ultimately spin this subsidiary off in the future as an independent publicly traded fully reporting entity.
"The issue with the name and ticker change will not affect our overall business. Now that a conclusion is reached, we will make the necessary adjustments and begin to aggressively market and sell our products and services." commented Thu Pham, Chief Executive Officer."
I am not surprised by the news to be honest. When they filed the Q1 2017 report on time, in fact 5 days ahead of due date I knew this delay wasn't simply because CURRENT MANAGEMENT didn't have their ducks in a row... it must have been something out of their control.... and indeed it was. Now that is old news!
What matters is:
1. How soon can they pivot and release the websites?
2. How far along are they on their completion?
3. What is the update on the grow units? i.e. time to market? Product line? How many offerings?
4. Does all this new "marketing campaign" rely on the company forming the new subsidiary? If so, how long will that take.
5. Finally, when does the company believe the new subsidiary will be spun off? How will the share structure differ? The whole spin-off piece of the update opened up a plethora of questions that they may not be prepared to answer, or maybe not even important to answer at this point depending on how far in the future they envision the spin-off to be. Frankly, I am puzzled then why they even mentioned it.
Maybe someone who they actually respond to can get them to elaborate on this presser.
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