PotNetwork Holding Inc. Releases 2017 Financial Statements and Provides Further Update on Finalization of PCAOB Audit Process
13 February 2018 - 12:00AM
InvestorsHub NewsWire
PotNetwork
Holding Inc. Releases 2017 Financial Statements
and Provides Further Update on Finalization of PCAOB
Audit Process
Ft.
Lauderdale, FL -- February 12, 2018 -- InvestorsHub NewsWire
-- 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.
Investor Relations
Marisol Elwell
Telephone: 1-800-915-3060
investor@PotNetworkHolding.com
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