Medical Marijuana, Inc., Formerly Club Vivanet (PINKSHEETS: CVIV), Today Announced That It Is the First Public Company to Enter the Legalized, Medical Marijuana Business and Has Changed Its Name to Medical Marijuana, Inc.
2009-03-31 15:58 ET - News Release
MARINA DEL REY, CA -- (MARKET WIRE) -- 03/31/09
Medical Marijuana, Inc. (PINKSHEETS: CVIV)
Name Change and Pending Forward Split
Club Vivanet, Inc. changed its name to Medical Marijuana, Inc. with the State of Oregon on March 24, 2009, and has resolved to forward split its shares 10 for 1 effective upon NASDAQ changing the company's symbol from CVIV to reflect the name change and forward split. CUSIP has already changed the CUSIP number to 38463A105 to reflect the name change and forward split and the company is anticipating receiving the new symbol effecting the name change and forward split within the month of April.
Pending Spin Offs
In conjunction with the name change, the company is spinning off two subsidiaries on a share for share basis (pre 10 for 1 forward split) of the shares of Club Vivanet, Inc. (a Florida corporation) and MyNewPedia Corp (a Colorado Corporation). While the company has set April 3, 2009 as the record and effective dates, NASDAQ is responsible for establishing an ex-dividend date and up to that date; shareholders and those that buy and hold till the ex-dividend date will be entitled to the forward split and to receive the spin off shares. The spin off shares will be restricted until the subsidiaries register those shares with the SEC or there is an exemption from registration made available.
Change in Management
Furthermore, as a part of these corporate actions, Bruce Perlowin has accepted to serve as the company's new Chairman and CEO, replacing Don Steinberg. Don Steinberg's resignation will become effective on the 2nd of April but he will continue to run and operate Club Vivanet, Inc. (a Florida Corporation). Charles Larsen has accepted to serve as President of the company and Jim Hancock is simultaneously resigning on April 2nd, 2009, yet Jim will also continue to serve as an officer of Club Vivanet, Inc. (a Florida corporation).
Incoming Chairman and CEO
Bruce Perlowin -- Chairman & CEO
Recently interviewed on CNBC's "Marijuana, Inc.," the most watched CNBC TV program in its history, Bruce Perlowin has been noted as the "King of Pot" in various articles for the past 15 years.
On March 23, 2009, Bruce Perlowin launched the first public corporation (PINKSHEETS: CVIV) solely based on the Medical Marijuana Industry. Through the public company (which was granted on March 24, 2009 by the Secretary of State of Oregon, the official name, Medical Marijuana, Inc.) he intends to legitimize this industry, as a part of his decades of advocating the benefits of legalization of medical marijuana. He also intends to provide solutions to governments and communities that will ensure efficient regulation, and to ensure and profit from better monitoring and taxation of the Medical Marijuana Industry.
In the early 90s, Bruce Perlowin co-founded Globalcom 2000. This company was primarily in the prepaid phone card business, which at that time was a virtually unknown market, with only a few producers. That company became the fastest growing, and one of the largest, phone card companies in the U.S. Among the many 1st accomplished in that business, was the 7-11 account, which was captured as the 1st phone card in the U.S. with a corporate logo.
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