ATLANTA, Jan. 14, 2019 (GLOBE NEWSWIRE) -- CRUZANI, Inc. (OTC PINK:CZNI), www.CRUZANI.com, a global business development company focused on creating and acquiring franchise concepts, along with peripheral food-related businesses throughout the United States, Canada and international markets, announced today, that in order to accommodate its acquisition and up-listing strategy, the Company has executed its 1-for-20 reverse stock split of the Company's common stock, effective as of January 10th, 2019.
The reverse stock split was approved by CRUZANI shareholders on November 20th, 2018 and is intended to fulfill the stock price requirements for up-listing to the OTCQB. This enables the company to access the $3mm S1 with L2 Capital LLC. In addition, the company previously announced $3mm equity commitment by Burdell Partners, LLC., granting the Company the ability to retire debt, expand existing operations, and acquire additional food-related businesses.
CRUZANI, Inc. shares will continue to trade on The OTC Markets, under the symbol "CZNID", with the letter "D" added to the end of the trading symbol for a period of 20 trading days (ending on January 30, 2019) to indicate that the Reverse Split has been completed.
Everett Dickson, Chief Executive Officer of CRUZANI Inc., stated, "While the sentiment surrounding reverse stock splits is, in many cases, perceived negatively in the OTC Markets, however, in the case of CRUZANI, we've seen tremendous support by our shareholders and our management team, to proceed with the reverse split, in order to accommodate our acquisition and up-listing strategy going forward."
Mr. Dickson continued, "After realizing our first ever revenue for the third quarter of 2018, we are more confident than ever in our ability to target and acquire revenue generating food-related businesses. Our two subsidiary companies, Oventa Foods and Recipe Food Co., have proven to be valuable additions to CRUZANI. I would like to thank our shareholders for their support as we remain focused on our mission of acquiring companies in the food sector that drives revenues and enhances overall shareholder value."
About CRUZANI, Inc.
CRUZANI Inc, formerly US Highland, Inc., is a franchise development company that builds and acquires popular franchise concepts, and other food-related businesses, throughout the United States and International markets. Our management team selects up and coming concepts with substantial growth potential. We bring fresh innovative brands to consumers that have great potential. All of our brands are unique in nature by focusing on niche markets with untapped potential for development. CRUZANI maintains social media accounts for the purposes of SEC Fair Disclosure at www.CRUZANI.com/Cruzani-CEO-Blog, https://twitter.com/CruzaniCEO, and https://www.facebook.com/Cruzani-2216678448562308
Safe Harbor Statement
This communication contains statements that may 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. Those statements include statements regarding the intent, belief or current expectations of US Highland, Inc and members of its management as well as the assumptions on 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. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions.
The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For More Information
Everett M. Dickson, CEO
Lennox Road, Suite 1500
Atlanta, GA 30309
Source: CRUZANI, Inc.