when will the D come off, next few weeks?
Superwire, Inc. Announces Name Change To Cannalink, Inc. And Effects 1 For 50 Reverse Split, Plans To Develop CBD-Based Product And Provide Services To Emerging Companies In The Medical Marijuana And Industrial Hemp Sector
SAN DIEGO, Sept. 15, 2014 /PRNewswire via COMTEX/ -- Cannalink, Inc. (OTC Pink Sheets: SUPID) (the "Company"), formerly Superwire, Inc., announces that it has effected a change of name of the Company from Superwire, Inc. to Cannalink, Inc. and a 1 for 50 reverse split. The two corporate actions were approved by FINRA effective September 10, 2014.
The Company maintains its headquarters in San Diego, California and is managed by its new Chairman and Chief Executive Officer, Robert L. Plomgren. Commenting on the name change and reverse split Mr. Plomgren stated, "The change of name to Cannalink, Inc. reflects the Company's intention to enter the cannabis arena in two significant ways. First, the Company plans to develop and manufacture a cannabidiol (CBD)-based product for initial distribution to healthcare practitioners. In furtherance of this strategy, the Company completed the acquisition of the MigraSpray product line and assets for $300,000. MigraSpray is a sublingually administered formula for the effective treatment and prevention of migraine headaches, which is distributed through approximately 5,000 healthcare practitioners. The Company plans to use the MigraSpray technology to develop its CBD-based product and to initially market the product through MigraSpray's practitioner distribution platform. Secondly, the Company intends to offer investment banking, merchant banking and business consulting services to emerging companies in the medical marijuana and industrial hemp sector. The reverse split was necessary to position the Company to accomplish an effective recapitalization. In addition, within the next 30-days the Company intends to provide to OTC Markets the necessary disclosures and financial filings to have its Stop Sign removed. Further details of the aforementioned actions and business development plans will be more fully discussed in such filings."
