Pharmagreen Issues Statement on Exiting the Chapter 11 Process Press Release | 10/19/2020
CARSON CITY, NV, Oct. 19, 2020 (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 it is no longer under chapter 11 proceedings of the U.S. Bankruptcy Code. On August 11, 2020, the Company voluntarily filed for petitions for relief under chapter 11. On October 09, 2020, a stay order was lifted by a United States District Judge of the United States District Court for the Southern District of New York, on an action filed by EMA Financial LLC. The company does not plan to appeal this ruling. This effectively removed the company from its Chapter 11 bankruptcy proceedings and protection.
“Now, that the Company is out of Chapter 11 proceedings, we are committed to moving forward with the development of our business as planned,” concluded Peter Wojcik, CEO of Pharmagreen.
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC PINKS: PHBI) company. WFS Pharmagreen Inc. is a tissue culture company that produces hemp plantlets through a proprietary tissue culture process. Pharmagreens’ mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same hemp plantlets with high Cannabinoids content and with less than 0.3% THC and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various plant species. For further information on the company progress on the construction of a 63,000 square foot “Tissue Culture Biotech Complex” please visit www.pharmagreen.ca