*** TGGI NEWS OUT 2-20-2018 ***
COCONUT CREEK, Fla., Feb. 20, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation(BDCI) has retained counsel to assist the Company in filing a Form 10 with the SEC.
The newly retained counsel has authored a legal opinion for the auditors so the audit of the Company can resume. The audit process was halted in January of 2017 after the discovery of a transaction that closed 2009. The audit team had successfully completed rolling the financials forward from January 1, 2014 through September of 2016.
The audit process is expected to resume shortly while the Company works with its legal team to draft the Form 10 filing.
BDCI is engaging a contract CFO to assist the Company in completing the audit process. The contract CFO will work directly with the auditors on behalf of the Company during the audit process and should help speed the process up.
The completion of the Form 10 will bring enhanced transparency as well as additional liquidity to the shareholders.
Bahamas Development (BDCI) through its majority ownership of Cannabis Consortium, Inc. is moving rapidly into the MJ sector. Over the coming weeks the Company will be releasing updates on its progress in California.
The Company has withdrawn its pending name change with FINRA. The decision was based on the progress being made entering the MJ sector and potential changes to the Company that might come as a result of future transactions, such as the Company's name and/or management.
About Cannabis Consortium
Cannabis Consortium:
Cannabis Consortium is comprised of four (4) revenue streams compromising specialty items, foodstuffs, beverages, and one (1) research division. Three (3) of the revenue streams are derived from edibles and the other revenue stream is from investments. The research division will focus on the medical benefits of CBD oils for the treatment of animals.
Trans Global Group, Inc. (TGGI) is the majority shareholder of BDCI and has an exclusive marketing agreement with Cannabis Consortium for its specialty products.
Bahamas Development Corporation (BDCI), in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.
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