PALM BEACH, Fla., Feb. 08, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Medican Enterprises Inc. (OTC: MDCN) is pleased to announce that it has merged with The Now Corporation (OTC: NWPN) by selling the majority of its assets to it. The consideration paid was both a convertible note of $20 million and half of the preferred share control block to be issued shortly. Eagle Oil Holding Company Inc. (OTC: EGOH) has agreed to equally share the preferred share control block in The Now Corporation (OTC: NWPN) with Medican Enterprises Inc. (OTC: MDCN)
Medican Enterprises Inc. (OTC: MDCN) allocated some of its assets to also settle debt. The only significant asset that it will now hold other than the preferred shares and note in The Now Corporation (OTC: NWPN) is a convertible note in Eagle Oil Holding Company Inc. (OTC: EGOH) in the amount of $5 million.
The shares derived from the convertible notes in The Now Corporation (OTC: NWPN) and Eagle Oil Holding Company Inc. (OTC: EGOH) will eventually be distributed to Medican Enterprises Inc. (OTC: MDCN) shareholders.
Ken Williams, CEO of Medican Enterprises Inc. (OTC: MDCN) states, “This is a fresh start that will benefit shareholders. I am extremely excited.”
Updates will be forthcoming.
About Medican Enterprises, Inc.
Our Mission is to lead production, distribution, research & development. Medican seeks to become the world’s largest wholesale supplier of pharmaceutical grade cannabis to the medical marijuana industry. A leader in innovation, quality and variety. Leadership - Medican delivers strong operational experience and a significant focus on research and development. Medican is uniquely positioned to capitalize on the market opportunity. Quality and Efficiency - Medican produces effective Cannabis strains with standardized potency and verified purity. The company has the highest standards of safety and inspection in all areas of quality control, cultivation, and distribution. A combination of in house Research & Development teams, third party testing which ensures the potency of active ingredients in all products and is free of microbial chemical contaminants. Stringent quality control testing provides lot numbers for precise identification of all products.
For More Information, Ken Williams, CEO | Medican Enterprises, Inc.
Legal Notice Regarding Forward-Looking Statements: This press release contains forward-looking information 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. That includes the possibility that the business outlined in this press release cannot be concluded for some reason. That could be as a result of technical, installation, permitting or other problems that were not anticipated. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medican Enterprises Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Medican Enterprises, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.