ProText Mobility Inc (OTCMKTS:TXTM) shares fell 20.83% on Monday to $0.00190 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $5.92 million at 1.95 billion shares outstanding.
ProText Mobility Inc is a company that 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. Its 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.
In a press release, ProText Mobility Inc shared that it acquired Cannabis Biosciences Inc. from Plandaí Biotechnology Inc. In this transaction, ProText Mobility Inc acquired 100% of the capital stock of Cannabis Biosciences in exchange for 50 million shares of its common stock. According to Plandai, the shares will be distributed to Plandaí shareholders as a stock dividend and 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,” said 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 using Plandaí’s proprietary processing and extraction technology. It intends to commence investigations in conjunction with independent researchers to develop and validate a full-profile cannabis extract, one that contains both CBD and the precursor acid form of THC found in the live cannabis plant.
In particular, the company’s investigations will be designed to show that the Cannabis Biosciences extraction process, which will use live leaf and low temperatures to extract the phyto-chemicals, should leave the acid forms of THC intact, resulting in a non-psychoactive extract with full medicinal potential.
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