Pharmagreen Issues Statement On Potential Stock Promotion

CARSON CITY, NV, Dec. 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), a company specializing in the development of tissue cultured starter plantlets for the hemp industry, today announced that on December 16, 2019 it was made aware OTC Markets Group added a Megaphone next to the Company’s trading symbol, representing potential promotional activities surrounding the Company’s common stock.

Promotional activities generally may involve promotional newsletters, styled as “paid announcements”. The paid announcements generally encourage investors to put the Company’s common stock on their watch list. These apparent third-party promotional activities usually coincide with higher than average trading volume and fluctuations in the Company’s stock price.

Notwithstanding that a Form 8-K filed with the Securities and Exchange Commission on September 11, 2019 announcing that Pharmagreen entered into a consulting agreement with Emerging Markets Consulting, LLC (“EMC”) pursuant to which Pharmagreen engaged EMC for a term of 18 months to provide corporate communications, marketing, and related public relations services, and Private Equity Markets, LLC which is engaged on a month to month basis to provide coverage through their social media IR program were not promotional activities.

Apart from the OTC Markets Group notification, the Company was unaware of any promotional activity, and had not been previously notified by OTC Markets Group, and could not locate any such promotional activity online. Further, the Company is unaware of the full nature of any such promotional activity, the extent of its public dissemination, or the responsible parties.

None of the Company, its officers, directors, employees, consultants, and, to the Company’s knowledge, its controlling or affiliated stockholders (i.e., stockholders who own 10% or more of the Company’s issued and outstanding common stock) has, directly or indirectly, authorized or been involved in any way (including any payments to one or more third-parties) with the authorization, creation, or distribution of any promotional materials, including those noted above. Further, none of the Company, its officers, directors, employees, consultants, who sold or purchased shares of common stock of the Company within the last 30 days, are aware of any such promotional activities.

The Company routinely responds to inquiries from stockholders, potential investors, and investment analysts, and generates its own press releases. As such, the Company urges persons interested in the Company, whether or not they are currently stockholders of the Company, to review its filings at and visit the Company’s website and only to rely on information about the Company and about the industry sectors in which it operates that the Company has released. The Company is pleased to address any verification of public material through this designated email address:

The Company is not affiliated in any way with the authors of any promotional “newsletters,” paid announcements, or other such materials. The Company routinely issues press releases in the regular course of its business and includes disclosure of its business activities in its filings with the Securities and Exchange Commission. Investors are strongly encouraged to rely only on information provided directly by the Company.

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