Rising India Inc. Signs Letter of Intent with Rising BioSciences, Inc. for Reverse Merger; Entering the Multi-Billion Dollar Legalized Cannabis Markets
NEW YORK, NY--(Marketwired - Feb 23, 2017) - Rising India Inc. (OTC: RSII) is pleased to announce that it has executed a Letter of Intent with Rising BioSciences, Inc. ("RBI") for a reverse merger in which the capital stockholders of RBI will acquire control of Rising India toward immediate execution of a business model with a focus in alternative medical and cannabis pharmaceutical markets.
Rising India CEO, Jim DiPrima has agreed to resign as an officer with the Company making way for the appointment of Robert Weber, who also serves as CEO for PAO Group, listed on the OTC Markets as New Wave Holdings (OTC: NWAV).
"I am very excited about the plans discussed with Weber thus far and have confidence the merger could provide some thrilling possibilities in terms of shareholder value," stated DiPrima.
Robert Weber agrees, "I feel we have some very favorable circumstances here," states Weber. "There are a number of opportunities in development and marketing of cannabis pharmaceuticals that are synergistic with our endeavors at PAO Group and beyond. Rising Biosciences plans to capitalize on these opportunities toward an assertive growth plan for shareholders alongside a highly expansive business model."
Updates are forthcoming.
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Forward-Looking Statements: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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