Tickers: PINX:VUME, XOTC:VUMF
Tags: Mining, Telecommunications, Technology
Regulatory concerns precluded closing of share exchange; Management steps down
Washington, D.C. / TheNewswire / July 9, 2018 – AltSol, Inc. (formerly VuMee Inc.) (OTCMKTS: VUME) ("VuMee") today announced that on July 3, 2018, its CEO Sean Jahanian executed a Termination Agreement terminating the contemplated share exchange between VuMee and two Washington, D.C.-based marijuana manufacturing and distribution centers. VuMee was unable to obtain a legal opinion attesting to the legality of a U.S. listing of a Washington, D.C.-based marijuana manufacturing and distribution business, which was a pre-requisite to obtain financing prior to closing of the share exchange.
Following the execution of the Termination Agreement, Mr. Jahanian stepped down from his positions as corporate officer and corporate board member of VuMee, and Matthew Lawson-Baker and Robert L. Simmons each also stepped down from the company’s board. The departing directors appointed Mr. Pui Lam "Rex" Cheung to serve as the sole corporate officer and sole director of VuMee.
On July 9, 2018, Mr. Cheung abandoned the company’s proposed 1-for-10 reverse stock split and corporate name change. The reverse split is currently under review by FINRA, and Mr. Cheung has authorized the company’s legal advisors to instruct FINRA to allow the application to lapse. The company plans to effect a change of corporate name from AltSol, Inc., back to VuMee Inc. as soon as possible.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Because they discuss future events or conditions, forward-looking statements may include words such as "will," "anticipate," "believe," "intend," "could," "may," "seek," "plan," or similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding business strategies, financing plans and any other statements that are not historical facts. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual future results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
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