PETAH TIKVA, Israel, Aug. 19, 2020 /PRNewswire/ -- OWC Pharmaceutical Research Corp. (OTCQB: OWCP) ("OWCP") announced that, on Aug 31, 2020, the company will be holding a shareholders meeting to vote on a Reverse Split ("R/S") and increasing the Authorized shares ("A/S").
During June of 2020, I returned to the Company as the CEO of OWCP and as Chairman of the Board, at the request of Mr. Ohad Amir and Mr. Zvi Riterband. Both were nominated by the previous management team with a mission to salvage the Company from its difficult financial position.
The Company had selected to file a Form 15 with the Securities and Exchange Commission ("SEC") suspending its periodic reporting requirements and the termination of registration. After my return, to the Company, management decided to change that strategy and concluded that it was in the best interest of everyone to continue as a reporting company. Efforts would be made to pursue new equity investments. Therefore we filed a Form 15/A with the SEC to continue trading.
OWCP and its wholly-owned Israeli subsidiary One World Cannabis, Ltd. will continue in medical cannabis-based research and development, applying conventional pharmaceutical research protocols and disciplines to the field of medical cannabis, with the objective of establishing a leadership position in the research and development of medical cannabis therapies, products and delivery technologies.
After six years, I'm excited to announce, again, that on March 31, 2020, the U. S. Patent and Trademark Office granted the Company a patent for its CANNABIS-BASED EXTRACTS AND TOPICAL FORMULATIONS FOR USE IN SKIN DISORDERS, no. US 10.603.301 B2. Details of the event and additional information will be presented in a research report directly after the high holidays.
The Company has additional assets including a sublingual tablet which has completed a full safety study at the Tel Aviv Sourasky Medical Center (https://www.tasmc.org.il/sites/en/Pages/default.aspx). The tablet is a delivery system for active cannabinoids which is designated for a stand-alone and a combination treatment for various diseases.
A new delivery system, a 'must-have' is the IV EMULSION for the MMJ markets. The development has been completed and it's waiting for further tests.
Lastly, we have more patents at various stages of filing, waiting for approvals with new medical devices and delivery systems for active cannabinoids.
The opportunities for such unique, innovative and clinically tested products for the medical cannabis markets are strong.
However, the Company will need additional shares of common stock available for (a) new investors to raise needed additional funding, (b) satisfy our existing obligations to current shareholders, and (c) make potential acquisitions of synergistic companies, products and technologies.
I received many emails and messages asking for information about the Company's prospects, patents' status, "where are the science reports?!", why a proxy, and some suggestions, leads, ideas and concerns.
The proxy offers two options to vote on for a low R/S (1:10-20) and an A/S increase to 2.5 billion shares of the Company's common stock.
Approval of the proxy proposals should give us time we need to secure new investment dollars, allowing us to stabilize the Company financially and to move forward to the point of a true market valuation based on our MMJ products and IP.
We are finalizing an updated business plan, which may need to be modified based on the outcome of the meeting. The key drivers of our future are two: selling products and seeking growth through a business combination or strategic alliance with a 'Seed-to-Store' (Growth and Dispensary) in the U.S.
I, together with our Board, hope to get your support on the proxy proposals, and help us lead our Company to fulfill its dream and business goals that started six years ago.
Together we can do it!
Mr. Ziv Turner
Chairman & CEO
+1 940 304 2224
+972 54 550 0450 (for WhatsApp users)
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SOURCE OWC Pharmaceutical Research Corp.