WINNETKA, Calif., March 29, 2014 /PRNewswire/ -- Management of Green Cures Inc. ("Green Cures") and Triton Distribution Systems, Inc. (OTC Pink: TTDZ) ("Triton") announced today that following the closing of the acquisition transaction by Green Cures for controlling interest in Triton, Green Cures is proceeding with restructuring of Triton Company with intent to focus on obtaining a name and ticker symbol change; the cancellation of approximately 300 million common shares owned by Green Cures Inc.; and beginning the process of acquiring assets (including intellectual property and products) into the Company.
Management of Green Cures believes a new name and trading symbol for the Company will help the market to identify the business focus of the Company following the restructuring and reorganization. The name of the Company is to be legally changed to "Green Cures and Botanical Distribution, Inc." Triton's new management and Green Cures interim CEO Julio Cubillas, together with their legal counsel, will take the necessary and required steps to effect the name change, which will include required filings with FINRA and the State of Colorado. Management anticipates name change processing time to take approximately 15 days and expects the Company to receive the new ticker trading symbol associated with the name change at the same time. Management will make additional announcements relating to progress of name change and symbol information as it becomes available.
Triton and Green Cures also announced that Triton plans to acquire certain assets, including rights to domain names, certain trademarks with pending registrations and intellectual property, and certain existing products, which will be used in Triton's business. The assets to be acquired include AllBotanical.com, AllCannabis.com, FutureMarijuana.com, CBDoil.us, and CBDcolorado.com, as well as exclusive licensing rights to all Green Magic and Green Cures products from Green Cures Inc., in order to enable the Company to move quickly with business operations following the restructuring plan completion. Management believes that acquiring these assets will enable the Company to begin commercial operations and implement its business plan, while offering initial products, allowing the Company to move forward more quickly in this fast-paced industry.
As announced previously in connection with the acquisition transaction, Green Cures Inc. has agreed to the cancellation of 300 million outstanding shares of the Company's common stock which were acquired by Green Cures in connection with the acquisition transaction. Green Cures will work with Triton's management and transfer agent to finalize the cancellation of the 300 million common shares as quickly as possible.
In connection with the restructuring, Triton's Transfer Agent has provided records of Triton's share structure, to Triton's and Green Cures Management and their professional advisors. According to the information provided by the Transfer Agent, the number of shares currently issued and outstanding (prior to cancellation of the 300 Million shares) is 1,933,695,597 shares of common stock, which is higher than what had previously been disclosed in Triton's public reports and to Green Cures.
In response to this higher outstanding share number, and in an effort to maintain complete transparency, Green Cures management and Triton are informing the investment community that it does not plan to conduct a reverse stock split as part of the Company's restructuring.
Instead, Triton and Green Cures management have decided to increase the number of Triton's authorized shares by 500 million, for a total of 2,500,000,00 authorized shares. Management believes it is crucial to have, in reserve, a minimum of 740 million shares (following an increase in the authorized capital and the cancellation of the 300 million shares) in order to provide the Company flexibility for future potential capital raising transactions that may be needed for the Company's upcoming projects.
For example, Green Cures Inc. has recently submitted trademark applications for the trademark "CBD Centers," under Class Codes 035 (online retail store and retail store services) and 044 (alternative medicine services) with the United States Patent and Trademark Office. It is important to note that the trademarks for "CBD Centers," and rights pertaining to the project and future operations, will be transferred to Triton by Green Cures.
Additionally, Triton's management anticipates that the website Allbotanical.com will initially feature a total of 10 products, ready-to-ship, from the Green Magic line, along with additional products from other distributors. The Company intends to offer Green Magic Products to the public with an active Liability, and Packagers Protection Policy; therefore, the launching of Allbotanical.com is rescheduled for an expected date of April 14, 2014.
The Company is also providing an update on the previously announced distribution of the shares of common stock of another publicly traded company, Privileged World Travel Club, Inc., to Stockholders of the Company. Management is working to determine the best time and methods to make such a distribution, while balancing factors involved, including the costs and time required for undertaking such a distribution transaction, the performance of Privileged World Travel Club in the market and more. The Management would like to provide an expression of gratitude for the support of Triton Distribution Systems, Inc. Stockholders and will continue to provide updated information relating to the distribution of these shares in the near future.
Finally, in closing, the Company would like to inform the Company's Stockholders that all Executives and Officers who will work with the Company for the development of business operations within the medical cannabis and botanical industry are expected to assume positions on or before April 1, 2014; with public announcements to advise of Executives and Officers of the Team anticipated on, or before, April 2, 2014.
About Green Cures Inc.: www.greencuresinc.com
Green Cures Inc. operates a diverse portfolio of services and products within the medical marijuana and botanical industry, as permitted by law. In this rapidly growing industry of alternative care products, from production, distribution and management, Green Cures Inc. also provides online community portals that supply the public with information and resources regarding the benefits of cannabis-derived products.
The statements contained in this document have not been evaluated or approved by the FDA. The products and statements referenced in this document are not intended to diagnose, treat, cure, or prevent any disease.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements are identified by wording such as "scheduled (future sense)" "intend(s)", "plan(s)" "expect(s)", "believe(s)" "will" "estimate(s)", "forecast", "anticipate(s)", "expect(s)", "may", "should", "goal", "target", "aim", "may", "would", "could" or "should" or, in each case, the negative thereof, other variations thereon, comparable terminology or wording/graphical information that implies anticipated future results or deliverables. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, progress of products development, acceptance of products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, and intellectual property rights. You are cautioned not to place any undue reliance on any forward-looking statement, and Triton expressly disclaims any obligation or intention to update any forward-looking statement.
SOURCE Triton Distribution Systems, Inc.