Scottsdale, Arizona, March 2, 2021 – OTC PR WIRE – NOHO, Inc. (OTC PINK: DRNK), a Wyoming corporation (the “Company”), announced the following:
The management of NOHO, Inc. is pleased to provide information concerning the company’s financial reporting and filings. Following the Company’s release of the asset purchase transactions with Sibannac, Inc. (OTC PINK: SNNC), the Company has received a substantial number of communications from shareholders concerning the status of the Company’s current accounting and corporate filings. Management has prioritized communication with our shareholders at the highest level and wishes to provide full transparency regarding these inquiries.
NOHO has retained local counsel in Wyoming, the Company’s state of incorporation, to handle its state filings in order to reinstate the Company to good standing with the secretary of state. Counsel has indicated to the company that the updated records and good standing should be finalized in approximately two weeks. The Company will advise when the filings are completed.
The Company is focused on bringing its financial statements, filings and reporting current, and will be submitting the same to OTC Markets, with a target date of March 20, 2021. Management recently accomplished the same process with Sibannac, Inc. In this effort, the Company is investigating the legitimacy of outstanding debt and prior share issuance obligations entered into by prior management dating back several years.
While the Company will report the information in the filings, it is current management’s position, that most of these obligations, including unconverted promissory notes, are not legally enforceable or collectible based on the legal status of the lenders and statute of limitations. As a result, it is anticipated that the accounting treatment of these past debts should be reflected positively on the Company’s balance sheet. The Company’s securities counsel will be issuing the required legal opinion concerning the updated reporting upon completion of the review.
NOHO’s CEO, David Mersky, said, “Following the news of the proposed acquisition of RāD8, our new Delta-8 THC brand, we’ve received a lot of communication from our shareholders regarding our financial reporting and accounting and felt that it was necessary to keep the public updated. Management is committed to restoring NOHO to good standing with its state filings and providing current financials to OTC Markets. We will be continuing to open communications with shareholders and will be providing a platform to ask management questions about operations and products. We will identify the key topics and provide responses accordingly to keep the public apprised of our progress and commitment to full disclosure. Open communication provides the foundation for shareholder confidence and that is the most important thing for management to understand.”
NOHO will continue to provide status updates on its filings and accounting as they occur.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Noho, Inc. (the “Company”), its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company’s expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
9535 E Doubletree Ranch Road, STE 120
Scottsdale, AZ 85228