PURA Breaks Ground On New Farmersville Hemp Brand Facility

Rhea-AI Summary

Puration, Inc. (OTC Pink: PURA) has initiated construction on its new Farmersville Hemp Brand Facility in Texas, a key step in its strategic shift towards a focused hemp business model. This follows the company's decision to unwind its previous sale of a cannabis cultivation business to PAO Group, allowing PURA to rebuild its operations after a severe winter storm in February caused significant damage. Updates on the construction progress are expected on September 9, 2021.

Positive

• Groundbreaking of the Farmersville Hemp Brand Facility signifies strategic business development.
• PURA's decision to unwind the sale with PAO Group allows for rebuilding and refocusing on core operations.

Negative

• The cultivation facility experienced a catastrophic event resulting in total inventory loss, impacting operational value.
• Unwinding the sale limits immediate capital and operational resources.

DALLAS, TX, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Puration, Inc. (OTC Pink: PURA) today announced the company has broken ground on its new Farmersville Hemp Brand Facility.  The company last week, broke ground clearing land to establish a construction pad for the planned facility.  The company intends to publish photos with an update on the construction plans next week.

PURA recently published a comprehensive update on its progress in the execution of the company’s strategic transition to focus fulltime on its new Farmersville Hemp Brand business model.  The update cover’s the rolls that Alkame Holdings, Inc. (OTC Pink: ALKM) and North American Cannabis Holdings, Inc. (OTC Pink: USMJ) play in the transition plan, in addition to an update on PURA’s business relationship with PAO Group, Inc. (OTC Pink: PAOG). See the update at:

PURA’s Farmersville Brands Update

Since the update, PURA and PAOG have subsequently resolved to unwind the previously executed sale of PURA’s cannabis cultivation business to PAOG.  The decision to unwind the transaction has been carefully and painstakingly considered and does not waiver the two companies’ commitment to continue working together strategically under PURA’s Farmersville Hemp Brand business model. The cultivation operation is based in North Texas and the facility experienced a catastrophic event last February when a severe winter storm hit Texas. All existing inventory was lost as a result of the storm substantially impacting the value of the operation.  After attempts to salvage the inventory and potentially even modify the purchase transaction, the two parties finally decided the best approach was to unwind the transaction and allow PURA to internally rebuild the business with plans to revisit a possible future transaction.  In the meantime, the transaction will be unwound and application for an issuance of PAOG shares to PURA shareholders in conjunction with the transaction will be withdrawn.

PURA plans to issue the Farmersville Hemp Brand Facility construction update referenced above next Thursday, September 9, 2021.

For more information on Puration, visit http://www.purationinc.com

Contact:
Puration, Inc.
Brian Shibley,
info@aciconglomerated.com
+1 (800) 861-1350

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that Alkame will achieve significant sales, the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.

FAQ

What recent development has Puration (PURA) announced regarding its Farmersville Hemp Facility?

Puration has broken ground on its Farmersville Hemp Brand Facility in Texas.

What did Puration (PURA) decide regarding its sale to PAO Group?

Puration has decided to unwind the previously executed sale of its cannabis cultivation business to PAO Group.

When will Puration (PURA) provide updates on its Farmersville Hemp Brand Facility construction?

Puration plans to issue a construction update on September 9, 2021.

What impact did the severe winter storm have on Puration's operations?

The winter storm caused the total loss of existing inventory at Puration's cultivation facility.

What is the strategic focus of Puration (PURA) after its recent announcements?

Puration is now focusing fulltime on its Farmersville Hemp Brand business model.