PAOG Officially Appoints Karl Riedel as New CEO and President
SANDUSKY, Ohio, Feb. 11, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- PAO Group, Inc. (OTC: PAOG), a holdings company dedicated to alternative patient care treatments including the proper use of medical cannabis, and through its subsidiaries who are currently growing medical cannabis in the state of Michigan and pursuing additional MMFLA licensing through LARA for the cultivation, processing, and transportation of medical and recreational cannabis, is pleased to announce that Arthur Hall has officially stepped down and has fully passed the PAOG leadership torch to CEO Karl Riedel and Riedel's management team.
Former PAOG CEO Art Hall commented: "It has been a joy and privilege for me to serve as CEO and I'm thrilled to leave the Company in the more-than-capable hands of Karl Riedel and his management team. Though I am moving on to be wholly committed to Rising Biosciences, Inc (OTC: RBII), I believe there will be synergies between the two companies that make strategic sense and add genuine value for shareholders now and later."
Arthur Hall officially stepped down as PAOG CEO on February 9, 2019. As a gesture of goodwill to the incoming management and former shareholders and also to affirm his belief in the potential for future synergies with Rising Biosciences, Mr. Hall's last corporate action before resigning was to reduce PAOG's debt by another $86,243.00 through the asset purchase of PAOG's clinics. Furthermore, Mr. Hall ensured that PAOG received 417,852 Preferred Class A stock of RBII, along with the exclusive licensing rights to manufacture RBII's complete line of cannabis products (including Cannophen) in the state of Michigan.
PAOG CEO Karl Riedel commented: "This transition has been incredibly smooth and Art Hall has repeatedly demonstrated his commitment to the incoming management team, the shareholders, and my new direction for the Company. Over the past 45 days through working with Art we've been able to eliminate almost $1.3M worth of debt including the recent $86K reduction, as well as gain a significant piece of ownership in RBII. I truly hope that investors are getting the big picture that I am building something of real value for PAOG that will stand the test of time."
PAOG CEO Karl Riedel concluded: "I want to reiterate that we have our sights set on a long term goal of expansion into other markets in the cannabis industry, and our aim is become a major player and potential acquisition target, or begin acquisitions of our own. The cannabis industry is growing at a rapid rate, and the political climate in the United State is ripe for the current ‘green rush.' According to the CEO of Altria Group Inc. (MO)*, Howard Willard recently stated that he anticipates the global cannabis market could reach $40 billion within 10 years with no new legalization laws, but up to $250 billion if marijuana becomes legal worldwide. Altria has been investing in many different companies in and around the sector, including a $1.8 billion investment for 45% stake in Cronos Group Inc., a Canadian marijuana company, as well as a $12.8 billion investment for 35% stake in Juul Labs Inc., the world's leading e-cigarette and vape manufacturer. Altria's CEO has made it very clear that they are not planning to stop at these recent investments. When I see statements like this from the industry's biggest players, I know that PAOG is in the right sector at the right time."
ABOUT PAOG: PAO Group, Inc. (OTC: PAOG) is a publicly traded holdings company in America dedicated to alternative patient care treatments, including the proper use of medical cannabis. Through its subsidiaries and investment holdings, the company focuses on the growing, processing, and transportation of premium medical cannabis products for the treatment of chronic and terminal patients. PAO Group's holdings include RSB Management, Inc. - a team of highly experienced business management professionals focused on expanding the medical cannabis market in Michigan and other medically legal States in the USA. RSB manages a Michigan-based limited-liability corporation, High End Products LLC, which is currently in the process of applying for medical marihuana facility licensing in the state of Michigan through the Department of Licensing And Regulatory Affairs (LARA).
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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.