- 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 -- November 15, 2017 -- InvestorsHub NewsWire
-- Trans Global Group, Inc. (OTCPK:
TGGI) subsidiary Cannabis Consortium, Inc. is reverse
merging into Bahamas Development Corporation (OTCPK:
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. choses 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.
Contact:
Matt Dwyer
matt@cannabisconsortium.net
954-905-9896