Kona Gold Solutions, Inc. (OTC Pink: KGKG) is engaged in the development, production, and distribution of hemp and cannabis-based production, beverages, energy shots, apparel, shampoo, and more. Shares of the diversified cannabis company shot up 100% during early trading on Wednesday, February 22, 2017. Over the past three months, Kona Gold Solutions, Inc. has seen average daily volume of 4.01 million shares. However, volume of 6.4 million shares or dollar volume of $51,200, has already exchanged hands early Wednesday.
Shares of Kona Gold Solutions, Inc. are soaring Wednesday, after the company announced that it is planning a stock dividend related to the sale of its Elev8 Hemp, LLC subsidiary to Elev8 Brands, Inc. (OTC Pink: VATE). Under the terms of the deal, Kona Gold Solutions, Inc. received nearly 41.30 million shares of VATE. Furthermore, Kona Gold Solutions says they plan to pay out 1 shares of VATE for each 10 shares of KGKG that are held and the record date will be on March 31, 2017. Here is the press release detailing of the stock dividend plans:
Kona Gold Solutions, Inc. Press Release:
ROCKLEDGE, Fla., Feb. 22, 2017 (GLOBE NEWSWIRE) — Kona Gold Solutions, Inc. (OTC Pink:KGKG), a hemp lifestyle brand of exclusivity and status, is pleased to announce that the Company’s Board of Directors, as well the majority shareholders have consented, to a dividend of approximately 41,296,544 of the Elev8 Brands, Inc. (OTC Pink:VATE) shares of common stock acquired by KGKG in its sale of Elev8 Hemp, LLC to Elev8 Brands, Inc. The record date will be March 31, 2017. Kona Gold Solutions, Inc. shareholders owning common stock, as of the record date will receive 1 share of Elev8 Brands, Inc. (OTC Pink:VATE) stock for every 10 shares of Kona Gold Solutions, Inc. (OTC Pink:KGKG) owned.
The Company would also like to announce that it is on schedule to have its all-new sugar free energy drink produced and on the market next month.
“It took longer than we expected to get to this point, but I am very excited to be announcing the details of the stock dividend from the sale of Elev8 Hemp, LLC,” stated Robert Clark, CEO of Kona Gold Solutions, Inc. “Our current and future shareholders should be very excited, knowing that they could become part of two extraordinary companies that we hope will see exponential growth in 2017! The strategic move to spin off assets not part of our core focus, allows us to effectively grow the company for the greater good of our shareholders.”
Ryan Medico, CEO of Elev8 Brands, Inc. said, “This is an exciting time for everyone involved with Elev8 Brands and Kona Gold. These are two growing companies that are poised to do great things in the hemp industry and we have presented a fantastic opportunity for shareholders to potentially be part of both companies. There will be no increase in Elev8’s issued and outstanding shares from the distribution of the dividend and the company plans to retire additional shares.”
Kona Gold will communicate to shareholders by providing future press releases regarding dividend distribution once the record date has passed.
For more information regarding Kona Gold Solutions, please visit:
Kona Gold Solutions, Inc.:
Kona Gold Solutions, Inc. has created Kona Gold LLC, a Delaware Corporation, which has developed a premier Hemp Infused Energy Drink, Energy shots, and Apparel; please visit the Company’s website to view updates and new products at www.konagoldhemp.com. The Company recently moved its Corporate Headquarters to Rockledge, FL giving the Company the space needed to expand rapidly.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company’s control.