TORONTO, Ontario, April 29, 2004 (PRIMEZONE) -- The following information and opinions are from Warren B. Eugene, President of Amigula, Inc.:
Amigula Incorporated (Pink Sheets:AMJL) the Worlds First Publicly traded Medical Marijuana Company announced today that Ontario taxpayers could face higher levies on cigarettes, beer, wine and liquor, increased charges for large cars, SUVs and recreational boats, and a new tax on lottery winnings as the Liberal government seeks sources of revenue. Water, Hydro, Gasoline, Insurance, Property and School taxes may have to be raised. The projected Ontario deficit in the May 18 budget may be as high as $4.7 billion.
Finance Minister Greg Sorbara said he would not comment on the budget's contents. But he did acknowledge that the higher levies are on the table as his cash-strapped administration seeks new revenue to minimize the brutality of expected cuts to programs in many ministries.
"Taxing marijuana sales would be an exceptional revenue generator for Ontario," stated Warren B Eugene, President of Amigula Inc. "Our company could solve the crisis for Ontario in less than 4 years. They could then balance their budget in fiscal year 4, if they agreed to the solution. The New Democratic Federal Party is on record supporting this action. Our company is eager to participate and assist."
About Amigula Inc.
Amigula Inc. (www.Amigula.com) has recently completed the purchase of 51% of Medical Cannabis Inc. and has announced their plans to file as a reporting issuer. The company plans to list on a major exchange. The company views the current prohibition of marijuana as similar to that of alcohol, beer and tobacco. Canada's marijuana crop alone is estimated at $7 billion to $20 billion. If a single company controlled it, it would be larger than Canada's agricultural industries. On October 7, 2003 the Ontario Superior Court ruled that business and individuals be allowed to grow and supply medical marijuana, effectively relieving the Canadian government of its often criticized and fairly unsuccessful attempts to grow marijuana. Health Canada "permitted persons" (exemptees) can now pay Amigula to grow marijuana for them. The ruling makes it easier for sick people to get marijuana by allowing them easier access, more choice and fair prices. The company has a mandate to develop and improve the medical marijuana business worldwide and is on the acquisition and consolidation trail of other legal licensed marijuana operations with notable international brands.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.