PotNetwork Holding Inc. Releases 2017 Financial Statements and Provides Further Update on Finalization of PCAOB Audit ProcessPress Release
FORT LAUDERDALE, Fla., Feb. 12, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE–PotNetwork Holding Inc. (the “Company”) (OTC Pink:POTN) released today its unaudited financial statements for fiscal year 2017, which have been posted to OTCMarkets.Com. As previously reported, as a result of the rapid growth of Diamond CBD, Inc., the Company’s wholly-owned subsidiary, the Company achieved $14.5 Million in revenues for calendar 2017. Importantly, the Company reports that the strong sales trend of 2017 that had been building all year has carried over into 2018, with January sales results that will be reported by mid-February.
Regarding the completion of the PCAOB audit, on December 12th the Company had reported that its PCAOB auditor, East West Accounting Services, LLC had satisfied compliance parameters, and had projected for the audit to be completed by mid-January. However, due to factors unrelated to the Company and beyond its control, the audit has been taking longer than projected, such that the Company has now engaged Paritz & Company, PA, Hackensack, N.J., to assist East West Accounting Services and act as lead auditor to bring the audit to a rapid conclusion. As a result of discussions with both audit firms, the Company projects the full audit to be finished and available for publication before the end of the first quarter. In the interim, per above, the Company has posted its unaudited 2017 year-end results which it believes accurately reflects its financial performance.
Separately, in anticipation of the completion of the audit, the Company continues to prepare its Regulation A filing, which is expected to enable it to up-list to the OTCQB as a further step towards its long term goal of achieving a NASDAQ Capital Market’s listing.
About Diamond CBD, Inc.: Diamond CBD focuses on the research, development, and multi-national marketing of premium hemp extracts that contain a broad range of cannabinoids and natural hemp derivatives. Diamond CBD’s team consists of hemp industry pioneers and natural product experts, chemists, doctors and scientists, dedicated to producing the finest and purest cannabidiol (CBD) oils. The result is a robust selection considered among the most powerful natural CBD oils, tinctures, edibles, and vape liquids found anywhere. For more information, please visit its website at www.DiamondCBD.com.About PotNetwork Inc.: PotNetwork Inc. brings to market PotNetwork.com, a counter-culture, cutting-edge digital magazine, publishing up-to-date news and articles on the cannabis industry. PotNetwork.com operates as a wholly owned subsidiary of the Company; a media resource providing a full range of industry related topics.
About PotNetwork Holding Inc: PotNetwork Holding Inc. (OTC Pink: POTN) is a publicly traded company that acts as a holding company for its subsidiaries, including First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD oils, PotNetwork Media Group, Inc. and the informational website, PotNetwork.Com.
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: PotNetwork Holding Inc.