GREENWOOD VILLAGE, CO, Aug. 24, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Pure Harvest Corporate Group, Inc. (OTC: PHCG), a vertically integrated consumer products holding company focused on advanced plant-based nutraceuticals , recreational cannabis, hemp-derived health and wellness products and other emerging industries, today announced that a positive corporate event has resulted in a significant reduction in corporate debt. The Company and creditors have reached a settlement agreement, which results in the removal of approximately $2.8 million of senior debt from the Company’s balance sheet. The U.S. District of Wyoming has granted a motion to dismiss all claims regarding the debt.
“This is an important event for our business that will result in a significant reduction in the amount of debt on our balance sheet. We expect the reduction in debt to be reflected in our upcoming quarterly filings,” commented Matthew Gregarek, Managing Director of Pure Harvest.
Reducing senior debt from the company’s balance sheet by $2.8 million is one of several goals set by the board of directors to strengthen the company. In addition, management is seeking additional sources of capital to further reduce and restructure debt and acquire the growth capital necessary to realize the many opportunities currently facing the Company.
Mr. Gregarek continued, “Apart from the clearly positive effect on the balance sheet, putting this litigation behind us will allow our team to fully focus on seizing the many opportunities in the hemp and cannabis markets. Large-scale changes are occurring in many market sub-sectors, resulting in a plethora of opportunities for acquisition, restructuring and consolidation in the hemp and regulated cannabis markets. Our corporate mission over the coming year is to capitalize on the best of these opportunities to create additional long-term value for all of our shareholders.
About the Pure Harvest Group of Companies
Pure Harvest Corporate Group, Inc. (OTC: PHCG), headquartered in Colorado, one of the major epicenters of the cannabis industry, is a vertically integrated holding company that manufactures, distributes and sells a wide range cannabis products, including hemp, CBD and consumer products containing cannabis products where permitted by state laws and regulations. Company information is available at www.pureharvestgroup.com.
Certain statements in this press release may contain forward-looking information within the meaning of Rule 175 of the Securities Act of 1933, are subject to Rule 3b-6 of the Securities Exchange Act of 1934, and are subject to the safe harbors created by those rules. . . All statements, other than statements of fact, included in this release, including, without limitation, statements regarding the company’s potential future plans and objectives, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Future events and results could differ materially from those stated, contemplated or underlying the forward-looking statements.
Pure Harvest Corporate Group, Inc.