ProText Mobility Inc (OTCMKTS:TXTM) shares slumped 20.83% to $0.00190 and were flat in after-hours trading. The company has a market cap of $5.92 million at 1.95 billion shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.01.
Yesterday ProText Mobility Inc announced its acquisition of Cannabis Biosciences Inc. from Plandaí Biotechnology Inc. The transaction was completed as Protext acquired 100% of the capital stock of Cannabis Biosciences in exchange for 50 million shares of its common stock. Plandaí has indicated that the shares acquired from Protext will be distributed to Plandaí shareholders as a stock dividend while Protext will now operate its two wholly owned subsidiaries as independent operating businesses.
“Where most pharma companies have chosen to focus on the non-psychoactive CBD chemical, we believe that this strategy limits the potential medical benefits. Recent third party studies have demonstrated the synergistic value of retaining the full chemical profile of cannabis. Our objective is to validate Cannabis Biosciences cannabis extracts to be not only full profile but also non-psychoactive, which will give researchers all of the benefits of cannabis without the unwanted side effects. The acquisition of Cannabis Biosciences by Protext properly aligns our pharmaceutical research under one roof, allowing us to further our cannabis studies as we strive to create a cannabis extract that can increase the well-being and potentially improve the lives of so many people,” remarked Roger Baylis-Duffield, CEO of ProText Mobility Inc.
Cannabis Biosciences was formed and incorporated by Plandaí Biotechnology in 2013 to legally develop non-psychoactive medicines from live cannabis plant. It intends to commence investigations in conjunction with independent researchers to develop and validate a full-profile cannabis extract using Plandai’s proprietary processing and extraction technology.
Cannabis Biosciences will focus on developing cannabis extracts under legal government licenses and permits which the company is currently pursuing while Plandaí Biotechnology South Africa, the other business unit, is engaged in the research and clinical testing of “bioceutical” products.
ProText Mobility Inc develops, markets and sells software solutions for the mobile communications market primarily for protecting children from dangers derived from mobile communications and mobile device use. The company’s offerings include solutions with downloadable applications for mobile communications devices, such as SafeText, DriveAlert and Compliant Wireless.
Its SafeText is a service for mobile devices that provides parents a tool to help manage their children’s mobile communication activities. Its DriveAlert is a virtual lock-box, designed to curb mobile device use while driving and to help mitigate the risks of driving while distracted. Its Compliant Wireless is a mobile platform designed for small to large companies. The mobile solutions for the enterprise/corporate compliance are marketed under Compliant Wireless and those with consumer solutions are marketed under FamilyMobileSafety.