I told Craig Frank to change the name months ago. That is a positive.
Still do not understand why they paid themselves $510,000.00 dollars. They placed 7,500,000 into their stock incentive plan.
All shareholders got was a press release, saying that they are finally going to focus, on the only revenue business they have.
I think everyone can agree, they should not pay themselves incentive pay, instead pay themselves performance pay. So far it has been pathetic.
Lawsuit is still pending also, no one knows how that will turn out. If AFAI loses, shareholders will paid by further dilution here.
FORT LAUDERDALE, Fla., Feb. 3, 2015 /PRNewswire via COMTEX/ -- Alternative Fuels Americas, Inc. (OTCQB: AFAI) announced today that it has determined to concentrate its entire business focus on the growing legal marijuana industry, including its flagship Kaya Shack(TM) Medical Marijuana Dispensary, owned and operated by the Company's majority-owned subsidiary. Accordingly, the Board of Directors and principal stockholder of the Company has authorized a name and trading symbol change to more accurately reflect its ongoing business focus and operations. On July 3, 2014 AFAI opened our first Kaya Shack(TM) in Portland Oregon, which we believe is the first legal marijuana dispensary to be operated by a U.S. publicly traded company. AFAI's Quarterly Report on Form 10-Q filed with the SEC on November 19, 2014 details the Company's initial revenue stream with an initial patient base of over 400 served and over 1,000 medical marijuana transactions processed through November 15, 2014.
AFAI's Kaya Shack(TM) currently features nearly 30 popular strains of marijuana including our proprietary, high-grade "Kaya Kush" - grown exclusively for the Kaya Shack (independent testing performed on 11/10/2014 confirms a total THC/Cannabinoid content in excess of 25%), concentrates (ranging in potency from approximately 40% to over 80% THC), high grade OCO and RSO Oils, and various marijuana infused tinctures and edibles including "Kaya Candies", "Kaya Caramels" and an assortment of cookies and cakes.
In light of the potential afforded by the legal marijuana industry, the Company has determined that it is in the best interests of its stockholders to discontinue its biofuel development activities, and to instead focus all its resources on the development of legal medical and recreational marijuana opportunities in the United States and in select international markets.
"This dedication of focus" states CEO Craig Frank, "comes because we intend to pursue the business model we believe will create the most value for our stockholders. Simply stated, we have been far more successful in establishing marijuana businesses than we were in the Jatropha fields, and so logic would dictate that we do more of what we are good at doing".
The Company expects to announce the new name and symbol within the next 2-3 weeks after confirming availability of trading symbols with FINRA.
About Alternative Fuels Americas (AFAI)
AFAI (OTCQB: AFAI), through its subsidiary, Marijuana Holdings Americas, Inc. owns and operates the first legal marijuana dispensary to be operated by a U.S. publicly traded company - Kaya Shack(TM). AFAI entered the rapidly growing medical and recently legalized recreational marijuana market with the goal of securing new medical and recreational marijuana licenses, potentially acquiring existing Cannabis production/sales operations and evaluating related business opportunities, subject to legal compliance and advice of counsel.
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