When new management took over the company in June 2013 the company was debt ridden, angry creditors, disenfranchised shareholders and in peril with the medical instruments business failing to meet its objectives. Bankruptcy Chapter 11 proceedings were anticipated and the market was advised in its company filings. In less than a year after new management took over the company, management has been able to turn around the company in a positive way starting with:
-The debt reduction approximately 90% or 3.5 Million dollars
-Developing a cannabis information portal
-The development of Sparx Business Media (with a line of credit obtained by a preferred share holder)
-The company is now looking to do further business in China to enhance the existing portfolio of assets
-Seeking to acquire new business for both the cannabis portal and the Media business to further its growth and expand to other markets.
More importantly increased shareholder value by several 100 percentage points with aspirations and ambitions to continue on the same trajectory
More details will follow shortly and on a timely basis.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company’s current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company’s business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.