COLORADO SPRINGS, Colo., Nov. 2, 2010 /PRNewswire-FirstCall/ —
Cannabis Science, Inc. (OTC Bulletin Board:
CBIS), a pioneering US biotech company developing
pharmaceutical cannabis products, is pleased to announce to its
shareholders and the investment community that its Board of
Directors have confirmed decisions and processes regarding the new
class of common shares. The new class will initially be
created by a proposed 1 for 10 new share dividend payment for
shareholders of record as of the proposed record date of November
30, 2010.
The proposed structuring and implementation of the new class of
common shares requires various state, SEC and FINRA filings and
approvals. The Company will announce official filings and provide
guidance as to target effective dates as it progresses through the
process. The proposed structure is as follows: New Share
ClassThe Company’s proposed new common share structure will include
Class A as the new Class, and Class B will be the current
outstanding trading common shares. Each Class of shares will
have its own trading symbol and will contain the following
features:
Class A Common Share Features (New class of common
shares):
10 votes per shares Convertible into Common Class B shares at a
ratio of 30 for 1 Ratio participation of 9/10th (90%) on declared
dividends Unique trading symbol
Class B Common Share Features (Current class of common
shares):
1 vote per share Not convertible into other classes of shares
Ratio participation of 1/10th (10%) on declared dividends Unique
trading symbol
The price ratio conversion feature on the new Class A shares
is to ensure the integrity of the share price ratio during market
fluctuations between the new Class A and B common share classes,
similar to that of Berkshire Hathaway’s Class A and B c
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