– Trans Global Group Inc. Issued 100 Million Restricted Shares of Common Stock
– Float is Just Over 29 Million Shares
– Company will be Audited for Year End Financials
COCONUT CREEK, FL / ACCESSWIRE / November 15, 2017 / Trans Global Group, Inc. (OTC PINK: TGGI) subsidiary Cannabis Consortium, Inc. is reverse merging into Bahamas Development Corporation (OTC PINK: BDCI).
The Amendment to change the name of the Company from Bahamas Development Corporation. to Cannabis Consortium, Inc. has already been filed with the State of Nevada.
A filing will be made with FINRA with an effective date around November 30, 2017 for a name and ticker change.
TGGI has been issued 100 million shares of Restricted Common stock of BDCI and will be liable for all costs associated with completing the reverse merger.
BDCI encountered an unforeseen issue during its audit that prevented the previous company from completing the audit and filing an S1 Registration. This issue has been fully addressed through the structure of the deal and will not pose a problem for Cannabis Consortium, Inc.
Going forward, financials will be based on the audit of Cannabis Consortium, Inc., not the prior financials of BDCI’s operating companies.
The former CEO is returning all of his shares in the company in exchange for the operating subsidiaries and all the debt incurred with their operations.
The Outstanding Share count after the takeover is complete will be 158,687,610 common shares. The Float shall remain the same at 29,021,900 common shares.
Cannabis had previously stated it planned to raise capital at $0.10 per share and higher. BDCI offers Cannabis Consortium, Inc. the best shot at this goal with a clean trading vehicle.
The 3rd Quarter Report for BDCI will be filed within the next 5 days. This will allow time for the proper disclosures to be included, as well as all supporting documents to be filed with OTC Markets, and the State of Nevada.
“I am very happy to have entered into this deal with BDCI for Cannabis Consortium, TGGI and the shareholders of BDCI. Having been involved as consultant for BDCI since the beginning I am very familiar with the entity and know firsthand there will be no issues moving forward. The Company is changing its name and ticker to reflect the change in business direction. Due to the low share structure there will be no Reverse Split of the Common stock,” stated Matthew Dwyer, the CEO of BDCI.
Additional news will be forth coming as events unfold. Cannabis Consortium, Inc. chooses to use its Twitter account for updates between press releases.
Forward Looking Statement:
The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management’s expectations could be affected by among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Bahamas Development Corporation