BEVERLY HILLS, CA / ACCESSWIRE / March 7, 2018 / Stony Hill Corp. (OTCQB: STNY), a diversified cannabinoid therapeutics company focused on the medical, bioceutical, and pet health industries, announced today that it will change its name to Applied BioSciences Corp., to better reflect the focus and resources of the Company.
The Company's management believes that the new name, Applied BioSciences Corp. better aligns the direction and strategy of the business with the key values and mission of its founders and strategic partners. The planned name change is subject to Securities and Exchange Commission and FINRA, a process that the Company anticipates taking approximately 40 days.
Chris Bridges, President of Stony Hill stated, "As we continue to attract highly respected scientists, researchers and doctors to our Company and Advisory board, it is important that our corporate messaging and brand reflects our mission to leverage scientific research and studies to create products that promote healing, health and wellness. We are continuing to innovate and develop new products, in collaboration with our partners, that our customers can trust and rely upon, knowing that every product is tested and held to the highest quality standard in the industry."
As the industry continues to grow and evolve, significantly increased medical, testing and analytics resources and compliance will be required, Stony Hill's management is confident that the Company is well positioned to comply with the new industry standards. As increased testing and regulatory requirements are implemented, the Company expect many companies in the industry will not be able to meet these new standards.
Company Retires 5.4 million Shares
The departure of two of the Company's executives has enabled the Company to repurchase and retire 5.5 million shares of the Company's common stock. This represents an approximately 35% reduction in the outstanding shares, which management believes will add significant value to existing shareholders. As the Company's strategic equity investments continue to show sustained growth, shareholders will benefit from the increase in their indirect pro rata ownership in these assets as a result of this transaction.
About Stony Hill Corp.
Stony Hill Corp.(www.stonyhillcorp.com), is a diversified company focused on multiple areas of the medical, bioceutical, hemp and CBD industries. As a leading company in the CBD and pet health space, the Company is currently shipping to the majority of US states as well as to 5 countries internationally. The company is focused on select investment, consumer brands, and partnership opportunities in the recreational, health and wellness, nutraceutical, and media industries.
The Company has several strategic partnerships and investments currently in place and is actively pursuing additional partnerships and strategic growth opportunities.
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Safe Harbor Statement
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Stony Hill Corp. (the "Company") or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company's ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Stony Hill Corp.