GREENWOOD VILLAGE, CO, Aug. 24, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Pure Harvest Corporate Group, Inc. (OTC: PHCG), a vertically integrated consumer products holding company focused on cutting-edge plant-based nutraceuticals, recreational cannabis, hemp-derived health, and wellness products, and other emerging industries, today announces a positive corporate event has resulted in a significant reduction in corporate debt. The Company and creditors have entered into a settlement agreement, which results in approximately $2.8 million of Senior Debt being removed from the Company's balance sheet. The U.S. District for Wyoming has granted a motion for the dismissal of all claims concerning the debt.
"This is a significant event for our Company that will result in a meaningful reduction in the amount of debt on our balance sheet. We expect the debt reduction to be reflected in our upcoming quarterly filings," commented Matthew Gregarek, Pure Harvest's Chief Executive Officer.
The reduction of $2.8 million in Senior Debt from the corporate balance sheet is one of many goals set by the Board of Directors to strengthen the Company. In addition, Management is seeking additional sources of capital to further reduce and restructure debt and acquire the growth capital required to execute on the many opportunities currently being presented to the Company.
Mr. Gregarek continued, "Besides the clearly positive effect on the balance sheet, putting this litigation behind us will allow our team to fully concentrate on seizing the numerous opportunities in the hemp and cannabis marketplaces. Wide-scale changes are occurring in many of the marketplace's subsectors resulting in a plethora of acquisition, restructuring, and consolidation opportunities throughout the hemp and regulated cannabis markets. Our corporate mission over the coming year is the capitalize on the best of these opportunities to create additional long-term value for all our shareholders."
About Pure Harvest Corporate Group
Pure Harvest Corporate Group, Inc. (OTC: PHCG) headquartered in Colorado, one of the major epicenters of the cannabis industry, is a vertically integrated holding company that manufactures, distributes, and sells a wide range of cannabis products, including hemp, CBD consumer products, containing cannabis products where permitted under state laws and regulations. Information on the Company is available at .
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbors 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. Future events and results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
Pure Harvest Corporate Group, Inc.