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National Voice
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Cannabis Science Cannabis Science Inc. Reports on Litigation Settlement and Debt Elimination A Vote of Confidence in Dr. Melamede, and "The Huge Potential of Our Company” COLORADO SPRINGS, Colo.-December 02, 2009-(BUSINESS WIRE)--Cannabis Science Inc. (NASD OTCBB: CBIS), an emerging pharmaceutical cannabis company, reported today that it has settled pending litigation with K & D Equity Investments, Inc. and South Beach Live, Inc., and reached agreements with its largest creditors to convert their debt for shares. Richard Cowan, CFO, stated, “Settlement of the K & D and South Beach lawsuits frees up our management team to focus on testing and launching our new OTC products, and removes an impediment to traditional funding mechanisms. The biggest news here is dropping debt, which significantly improves our balance sheet and gives us the ability to leverage our product roll-outs. I think that this settlement is also a vote of confidence in Dr. Melamede, and a recognition of the huge potential of our company.” The agreements provide for the issuance of 3,680,000 shares of common stock in settlement of the K & D and South Beach litigation. The litigation concerned provisions of the original Asset Acquisition Agreement between K & D and Cannex Thereapeutics, and debt incurred by South Beach for the Company’s operating expenses. Cowan explained, “It is very positive that the Company will extinguish nearly $900,000 in debt owed to creditors, eliminating over half of its current liabilities, as part of these agreements.” Dr. Robert Melamede, CEO and President, added, “We’re pleased to have this litigation behind us. Apart from the financing options that now open up, this lets me and our exemplary advisory boards get back to the science of cannabis and the development and exploitation of cannabis-based drugs and nutraceuticals for the consumer market. We are especially interested in partial cannabis extracts, which appear to provide substantial health benefits without triggering DEA prohibitions, and the prospect of OTC nutraceutical formulations from our research. This is a great time for cannabis science, generally and our company in particular.” About Cannabis Science, Inc. Cannabis Science, Inc. is at the forefront of medical marijuana research and development. The Company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products. In sum, we are dedicated to the creation of cannabis-based medic
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Missing Children
Code Amber News Service (CANS) issued this Missing Endangered person Alert after the girl disappeared from her bedroom some time after 3 AM Tuesday morning in Satsuma. Satsuma is approximately 75 miles east of Gainsville. Haleigh Cummings a white female, 3 feet tall, weighs 39 pounds and has blond hair and brown eyes. She was last seen wearing a pink shirt and underwear. There are no suspects in this case at this time. However, due to the circumstances of the child's disappearance an abduction is strongly suspected. There is no suspect vehicle at this time. Anyone with information is asked to call the Putnam County Sheriff's office at (386) 329-0808 or dial 911. Download free video of missing Florida child Haleigh Cummings Email this alert to a friend in the area.
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