Wuhan General Group China Announces Corporate Update

Rhea-AI Summary

Wuhan General Group, Inc. (OTC PINK: WUHN) has received an acquisition offer for all its operating subsidiaries from an unrelated third party. Currently, all subsidiaries are loss-making and require additional financing. Should the offer be accepted, funds will primarily address creditor obligations, which stem from ongoing legal issues. The company, which operates in the bioceutical sector focusing on plant-based cannabinoids, plans to release further updates soon.

Positive

• Acquisition offer received from third party for all operating subsidiaries.
• Potential to settle creditor obligations with cash from the acquisition.

Negative

• Subsidiaries are in startup mode and currently loss-making.
• Need for further financing to continue operations.

CAPE TOWN, SA / ACCESSWIRE / May 17, 2022 / WUHAN GENERAL GROUP, INC. (OTC PINK:WUHN) ("WGG'' or the "Company"), a bioceutical company focused on alternative plant-based cannabinoids and mental health therapeutic research is pleased to share the following update:

M2Bio Sciences is pleased to announce that an approach has been received from an unrelated arms length third party to acquire all the operating subsidiaries of Wuhan General Group (China) for cash.

The operations of Wuhan's subsidiaries are all in startup mode and loss-making and in need of further financing to continue operations.

If the offer is accepted by Wuhan, the cash will firstly be used to settle the creditors. The majority of credit balances emanate from ongoing legal action against the company, as reported in the formal disclosure statement on OTCIQ.com.

Wuhan expects to make a further press release in the very near future.

About Wuhan General Group, Inc./ M₂Bio Sciences, Inc

Wuhan General Group, Inc. (DBA M2bio Sciences), through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids and psilocybin medical research that develops and commercializes a range of CBD and mushrooms-based products under Dr. AnnaRx™, Medspresso™, and Liviana™ brands. In addition, our research and clinical trials with psilocybin are aimed at new therapies that will help patients who suffer from alcohol addiction, mental illness, and cardiovascular diseases. Our mission is to advance botanical-based medicine to the forefront by deploying best-practice science and medicine, clinical research, and emerging technologies. The Company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol "WUHN".

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Forward-Looking Statements:

Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.

SOURCE: Wuhan General Group, Inc./ M₂Bio Sciences, Inc.

View source version on accesswire.com:
https://www.accesswire.com/701757/Wuhan-General-Group-China-Announces-Corporate-Update

FAQ

What recent acquisition offer did Wuhan General Group receive?

Wuhan General Group received an acquisition offer for all its operating subsidiaries from an unrelated third party.

What is the current financial status of Wuhan's subsidiaries?

Wuhan's subsidiaries are currently loss-making and require additional financing.

How will the cash from the potential acquisition be used?

The cash will primarily be used to settle creditor obligations, which are related to ongoing legal actions.

What is the trading symbol for Wuhan General Group?

Wuhan General Group trades under the symbol WUHN on OTC PINK.

When can we expect more updates from Wuhan General Group?

Wuhan General Group expects to make a further press release in the near future.