SW China Imports, Inc. (OTCBB: SWCI) (OTCQB: SWCI) which is acquiring a medical cannabis collective in Washington State, has changed its name to Med-Cannabis Pharma, Inc., CEO Graciela Moreno announced today.
An SEC application to change the company's stock symbol is pending.
"This is the latest step in refocusing our company," Ms. Moreno said. "We're very excited about our new direction."
In April, the Dallas-based company announced plans to acquire Loe & Associates, a Washington State company that owns and operates a medical cannabis collective in Port Townsend, WA. The deal is subject to an audit, which is pending.
Med-Cannabis Pharma plans to expand operations in Washington State, where use of medical marijuana has been legal since 1998, and possession of up to one ounce of recreational marijuana was legalized last year. The company has formed a subsidiary to manage the stores being added in Washington. That company name is Med-Pharma Management, Ltd.
Ms. Moreno also disclosed that Big Sky Oil has decided to focus on a project other than SW China and is going to cancel the restricted common stock it owns in SW China. The 169,000,000 shares will be returned to the treasury as soon as the name change and symbol change are effective.
"These moves are aimed at creating value for shareholders," Ms. Moreno said. "We expect to do a lot of that in the coming months."
Forward-Looking Statements: This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing words such as "anticipate," "seek," "intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations and new regulations. Med-Cannabis Pharma, Inc., does not undertake any duty nor does it intend to update the results of these forward-looking statements.
SW China Imports, Inc.
SOURCE: South West China Imports, Inc.