FORT LAUDERDALE, Fla., Feb. 3, 2015 /PRNewswire/ — 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™ 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™ 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™ 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.
AFAI (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™. 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.
IMPORTANT DISCLOSURE: AFAI and MJAI are planning execution of their stated business objectives in accordance with current understanding of State and Local Laws and Federal Enforcement Policies and Priorities as it relates to Marijuana (as outlined in the Justice Department’s Cole Memo dated August 29, 2013), and plan to proceed cautiously with respect to legal and compliance issues. Potential investors and shareholders are cautioned that AFAI and MJAI will obtain advice of counsel prior to actualizing any portion of their business plan (including but not limited to license applications for the cultivation, distribution or sale of marijuana products, engaging in said activities or acquiring existing Cannabis production/sales operations). Advice of counsel with regard to specific activities of AFAI and MJAI, Federal, State or Local legal action or changes in Federal Government Policy and/or State and Local Laws may adversely affect business operations and shareholder value.
Forward Looking Statements
This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For more information visit www.afai-mjai.com or contact Investor Relations: Craig Frank, 561-210-7664
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