PAO Group Holds Shareholder Conference Call with Incoming CEO to Share His Vision for the Company
SANDUSKY, Ohio, Jan. 22, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE - PAO Group, Inc. (OTC:PAOG) recently held a shareholder conference call on January 16, 2019, where Interim CEO Arthur Hall introduced Incoming CEO Karl Riedel to share his vision for the company.
Below is a link to the full audio recording of this conference call:
CEO Karl Riedel is excited to be talking the helm of PAOG. Riedel discussed his plans to take PAO Group, Inc. in a new direction following its recent transfer of alternative medical centers to Rising Biosciences, Inc. (OTC:RBII). He assured shareholders that the new direction of PAOG remains in line with the original mission of the company, which is to provide patient relief through alternative medicines including cannabis treatment.
Riedel holds a Bachelors Degree from Miami University (Oxford, OH) and attended law school at University of Miami (FL). He most recently worked for VMR Products, LLC - a Miami-based company that was the largest online vendor of electronic cigarettes and vapor devices. He grew the largest affiliate program in the vapor industry with over 9000 affiliates worldwide, and was responsible for generating $100MM+ in revenue for the company. "I've had a lot of experience with online and offline marketing initiatives, and press and media relations, and I helped take a startup… to an international organization," stated Riedel. He most recently helped carry VMR Products to an acquisition by JUUL Labs, Inc. in October 2018:
"I'm very passionate about the cannabis industry. I believe that the direction we want to take PAO Group is very strong. I believe that the medical cannabis market is a huge and growing industry and right now our initial target is to tackle the Michigan market," stated Riedel. His short-term goal is to expand his team's current cannabis grow operation in the state of Michigan to a much larger scale, and he believes that the market in Michigan is ripe for expansion due to the recent passing of recreational marihuana in November 2018. Riedel brings a new management team to PAOG with diverse experience, and he is confident that market domination can be achieved through effective branding, targeted marketing, and delivering a premium quality product.
His focus is not only on tackling the Michigan cannabis market, but also on expanding to other markets as the political climate in the US continues to evolve. According to Riedel, "My intentions for PAO Group is to actually take this company and build something with brick and mortar, and grow to a very large presence that transcends not just the Michigan market, but there are also some other markets that I'd like to expand into." Riedel also stated that he and his team have begun targeting potential acquisition of other players in the Michigan industry who simply do not intend to apply for licensing under the new regulations, which took effect January 1, 2019."
Riedel advised that his team is currently in the process of applying for medical marihuana facility licensing in the state of Michigan, and he anticipates that the preliminary applications will be submitted before the end of the month with the MI Department of Licensing And Regulatory Affairs (LARA). He indicated that the group is pursuing a Grower License, as well as a Processor License. He also advised that they are currently working with multiple realtors to scout potential locations for the business to operate.
To address shareholder concerns, Riedel indicated that under new management he does not intend to conduct any reverse splits on the total number of outstanding shares of the company. He discussed a potential future round of fundraising at an appropriate time to expand the MI business operation, and confirmed that he is currently negotiating some very significant debt reductions with the company's current debt holders to reduce the financial liability of PAOG by Q2 2019.
Overall, Riedel is poised to assume the new CEO role of PAOG and eager to take the lead. "I'm very excited about the opportunities we have with PAO Group and the direction we can take it in the future," he stated. This conference call shed light on the new direction for the company and offered shareholders a long term vision for PAOG with a solid plan to achieve these objectives under new management.
*NOTE: marihuana is spelled specifically this way in Michigan Law.
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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.