TULSA, OK--(Marketwired - Feb 18, 2014) - Bayport International Holdings, Inc. (OTC Pink: BAYP) is pleased to announce the creation and incorporation of a new subsidiary to target the Medicinal and Legalized Marijuana sector.
Bayport Medicinal Research, Inc. was recently incorporated in Colorado with the sole intention of acquiring a business or businesses specifically in the Medicinal and Legalized Marijuana sector. To date we have identified several businesses currently for sale which would fit into this segment of the company.
The next stage is due diligence, determining if the sales price vs earnings will substantiate this move, etc. We anticipate that we will receive this information from the sellers forthwith, as these businesses are currently for sale, and would provide an easy transition into Bayport International Holdings, Inc. and for Bayport to transition into the Medicinal and Legalized Marijuana sector.
While the company has been investigating this sector for many months, we have only recently decided to delve in. The hesitation was entirely based on how the United States Federal Government would respond to states like Colorado and Washington after their legalization. On Friday, the Department of Justice and the Financial Crimes Enforcement Network, a division of the United States Department of the Treasury, issued a joint statement and clear cut parameters allowing banks to do business with Medicinal and Legalized Marijuana businesses.
The official release from FinCEN can be found below.
Over the last several weeks contacts have been made, and the availability of funds in this sector appears to be great.
We will still remain in Gas and Oil as we feel that will always be the foundation that this company is built on. As new acquisitions occur in gas and oil we will make these announcements.
About Bayport International Holdings, Inc.
Bayport International Holdings, Inc. is a company formed to exploit the various precious minerals in the U.S. to acquaint the public with practical investment opportunities in strategic metals and minerals. Bayport International Holdings, Inc. is primarily focused on oil and gas ventures, with holdings in precious metal mining claims. Bayport International Holdings, Inc. is developing mining and oil and gas properties with economic potential with the aim of bringing such properties to commercial production. The company's portfolio of properties is primarily located Pennsylvania, and in the prolific western USA in Utah and Texas.
Cautionary Note Regarding Forward-Looking Statements
This press release and the statements of representatives of Bayport International Holdings, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, Bayport's ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with OTC Markets (Pink Sheets). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.