New Colombia Resources Inc. Plans Spin Off of its Colombia Medical Marijuana Products Company The Company plans to issue shares of Sannabis S.A.S. as a dividend to Shareholders.
PR Newswire
BOGOTA, Colombia, Nov. 5, 2014
BOGOTA, Colombia, Nov. 5, 2014 /PRNewswire/ -- New Colombia Resources, Inc. (OTCQB: NEWC) ("New Colombia or the Company"), a U.S. company with coal and other resource assets in Colombia, is pleased to announce plans to spin out its Sannabis S.A.S medical hemp based products company and create an independent U.S. traded reporting publicly traded company.
John Campo, President stated "Our management team is focused on our core business of developing company coal reserves and industrial aggregate operations. By allowing Sannabis SAS to become an independent public company it will be able to develop its own medical based management team. Additionally Sannabis will have one mission the development of its innovative medical products based on scientific research using unique strains of Cannabis manufactured on the TOEZ Indian Reservation in Colombia."
New Colombia Resources, Inc. operations are based on the acquisition and development of high-quality metallurgical coal properties and other available resources in the Republic of Colombia. New Colombia owns 100% of La Tabaquera metallurgical coal mine in Colombia with an estimated 15- 17 million metric tons of reserves as well as a vast supply of industrial aggregates required in road building and construction. Upon property evaluation and finalization of funding, the company plans two mining property acquisitions that include a 1500 ha and 390 ha metallurgical coal concession that have the potential to more than triple company coal assets.
After the spinoff Sannabis S.A.S. will operate as an independent company and develop its own medical research staff and funding to further the commercialization of its products. Sannabis S.A.S. aims to become the first company to legally import hemp and medical marijuana products to the U.S. from Colombia. Operations will include patent applications, obtaining medical approvals, and further research and product development. Sannabis SAS believes that the specific strain of hemp being produced on the TOEZ Indian reservation may creates a unique medical opportunity for many people who may find benefit from various hemp based product derivates.
For more information on the Company visit www.newcolombiaresources.com.
Forward Looking Statements
Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include financing, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations. New Colombia Resources, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Company Contact
New Colombia Resources, Inc. John CampoPresident/Chairman +1-410-236-8200 USAjcampo@newcolombiaresources.com
New Colombia Resources, Inc., mining subsidiaryCia. Minera San José Ltda.Kra. 3 # 2-52Guaduas, CundinamarcaColombia+57-318-657-0918www.newcolombiaresources.com
SOURCE New Colombia Resources, Inc.
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