PENSACOLA, FL – 21 Sep, 2015 – Gear International, Inc. (OTC: GEAR) – Gear International, Inc. (GEAR) is pleased to announce that Cannaworx, a GEAR portfolio company, has partnered with Innovative Extractions to acquire cutting edge extraction systems in order to develop proprietary cannabis and hemp based products. The new system allows for the extraction of multiple plant materials concurrently while keeping the outputs isolated. These “cannabinoid-specific” formulas will serve specific patient needs more effectively by addressing the primary symptoms associated with them.
“While Cannaworx does not claim cannabis to be a cure for cancer and the many other health challenges of our day, we can provide patient testimony and actual evidence that cannabis has helped other groups of patients with the same conditions,” said Robert F. Calkin, CEO of Cannaworx, Inc. “We will be conducting efficacy and safety trials in tandem with doctors in multiple areas of medicine who all have separate concerns and necessary outcomes in mind. We intend to modify these formulas to the needs of these patient groups in hopes that we will be able to help them more effectively and provide a way for their formulas to be produced.”
New Terpene and Cannabinoid Arrays
Dr. Gerry Bedore from Cannaworx works directly with these patients every day, observing the results of cannabinoid therapy. “Based on patient response trials, specific cannabinoid and terpene arrays have reduced the need for opioids in pain management for severely ill patients giving the patients improved sleep, improved appetites, and improved mental dispositions at a minimum. An improved quality of life is the worse case responses we are seeing. In the best case scenarios, we are seeing patients being healed from many other deadly diseases. It is time for America to flip the switches and allow our medical communities to research and work with cannabinoids.”
The list of conditions currently being studied with these patient groups include: cancers of the lungs, liver, breast, heart, ovaries, skin, colon, rectal, prostate, blood, metastatic, and brain cancer. In addition, shingles, gout, obesity, opioid addiction, ALS, and others.
New Pathways to Healthcare Solutions
The goal of Eagles Nest Health, Wellness and Research Center (Cannaworx’s Northern California research and development; extraction and farming resource center nestled in the pristine Klamath River Valley) is to provide a path for doctors and researchers to obtain cannabinoid arrays specific to their patient groups and to help them create a tailor made treatment program for their patients. Our team of scientists work with healthcare professionals to hone in on the cannabinoid profile that is effective for each patient’s needs. Cannaworx is also helping healthcare professionals to create protocols for their clinical trials, grants, papers and studies they will need to present to their peers when presenting the benefits of cannabinoid therapies to other doctors across the United States. Dr. Gerry Bedore from Cannaworx currently is at the forefront of working with doctors looking to help patients with these diseases.
About Cannaworx, Inc.
As a resource provider, including facilities, equipment, consulting, product development, research and development, financing, personnel, and management of all functional areas to the cannabis and hemp industries, Cannaworx, Inc. bring decades of experience and know-how to the embryonic cannabis and hemp industries.
From supporting a growing cultivation and extraction operation in Northern California to joint venture and business arrangements in Nevada and Canada, Cannaworx, Inc. is positioning itself for national and global growth of branded cannabis and hemp products focused on wellness and the general welfare of its end patients and customers.
About Gear International, Inc.
Gear International (OTC: GEAR) is a public company that offers a viable and often creative funding resource and joint venture opportunities for companies seeking unconventional funding, hard asset loans, expansion capital and/or other resources. The objective is to assist companies that are in a unique position to capitalize on a current trend or scale their operational business. By providing timely capital and other resources, the management teams of our companies can accelerate product launches, expand into new territories and often even pioneer an entire new category.
This press release contains statements which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Gear International, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
FEDERAL LEGAL PROHIBITION: THE COMPANY INTENDS TO ENTER, DIRECTLY OR THROUGH SUBSIDIARY OR AFFILIATED BUSINESS ENTITIES, THE BUSINESS OF FUNDING RESOURCE PROVIDERS OF FACILITIES, EQUIPMENT, CONSULTING, PRODUCT DEVELOPMENT, RESEARCH, FINANCING, PERSONNEL, AND MANAGEMENT TO ENTITIES INVOLVED IN THE MANUFACTURING, PRODUCING, AND DISTRIBUTION OF A PRODUCT THAT INCLUDES MARIJUANA. MARIJUANA IS CLASSIFIED FEDERALLY AS A SCHEDULE 1 NARCOTIC. IT IS A FELONY TO DISTRIBUTE, CULTIVATE OR USE MARIJUANA. IRRESPECTIVE OF THE LAWS OF THE STATE OF ILLINOIS OR ANY OTHER STATE, THE FEDERAL GOVERNMENT COULD AT ANY TIME CHOOSE TO PROSECUTE THE COMPANY AND ITS OWNERS. ANY AND ALL INVESTORS MUST BE WILLING TO BEAR THIS EXTREME RISK OF PROSECUTION, PENALTY AND IMPRISONMENT.
Investors are cautioned that due to the Company’s acquisition of the right to receive income from companies offering various services to marijuana farming operations, an investment in this Company is extraordinarily risky, involving a multiplicity of extreme risks given the conflict of laws and the potential consequences of that conflict, including very substantial legal risk of federal prosecution, penalty and imprisonment, as marijuana is still classified federally as a Schedule 1 narcotic.
It is a felony, in violation of the Controlled Substances Act, to distribute, cultivate or use marijuana; and the very comprehensive federal and international anti-money laundering statutes, including: Bank Secrecy Act (1970), Money Laundering Control Act (1986), Anti-Drug Abuse Act of 1988, Annunzio-Wylie Anti-Money Laundering Act (1992), Money Laundering Suppression Act (1994), Money Laundering and Financial Crimes Strategy Act (1998), Uniting and Strengthening America by Providing Appropriate Tools to Restrict, Intercept and Obstruct Terrorism Act of 2001 (USA Patriot Act [Title III of the USA Patriot Act is referred to as the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001]), Intelligence Reform & Terrorism Prevention Act of 2004. At least a portion of these provisions expressly include restrictions upon the use of the banking system to transfer the proceeds of such investments, which could be viewed as money laundering.
These violations are irrespective of the laws of any state, at any time, despite its current position. The current federal guidelines are outlined in the Federal Department of Justice guidelines regarding Marijuana Related Financial Crimes dated February 14th, 2014, commonly referred to as the Cole Memorandum: http://www.justice.gov/sites/default/files/oip/legacy/2014/07/23/dag-guidance-2011-for-medical-marijuana-us…. And more recently, in December 2014, the U.S. House of Representatives approved H.R. 83 ”Consolidated and Further Continuing Appropriations Act, 2015,” defunding the federal war on medical marijuana. The provision passed the Senate and was signed by President Obama. Section 538 of the Act prohibits the use of Department of Justice funds to “prevent [states that legalized the medicinal use of marijuana] from implementing their own State laws that authorize the use, distribution, possession, or cultivation of medical marijuana.”
Similarly, in July 2015 the U.S. Senate Committee voted to prohibit the US Justice Department from interfering in state medical marijuana laws. Despite these recent reversals in governmental policies, however, there remains a substantial legal risk of federal prosecution, penalty, forfeiture and imprisonment, and for a multitude of potential violations. Additionally, the cost of assuring compliance and the costs associated with otherwise normal business transactions, are substantially enhanced by these circumstances. Risks peculiar to the issuer, also include a very substantial strategic risk associated with lack of ownership and consequent lack of control over the subject property and operations, which lack of ownership and control is mandated by the laws and regulations of the jurisdiction in which the marijuana is grown. The risks also include a very substantial economic risk, including as a consequence of the foregoing recitation of other legal risks. It is just such risks that that have prevented those in the industry from securing any financing from other sources. Nonetheless, the Department of Justice could choose to prosecute the Operator and its owners, and all those who may be perceived to have aided and abetted, including the Facilitators and the Real Estate Owner. Accordingly, there remains a substantial legal risk of federal prosecution, penalty, forfeiture and imprisonment, and for a multitude of potential violations. Additionally, the cost of assuring compliance and the costs associated with otherwise normal business transactions, are substantially enhanced by these circumstances. Risks also include a very substantial strategic risk associated with lack of ownership and consequent lack of control over the subject property and operations, which lack of ownership and control is mandated by the laws and regulations of the jurisdiction in which the marijuana is grown.
The risks also include very substantial economic risks, including as a consequence of the foregoing recitation of other risks. It is just such risks that that have prevented the growers from securing any financing from other sources, over a substantial period of time. Finally, given the extraordinary return on the investment, there is even a risk of the financial arrangement being construed as a “loan,” which may, at least arguably, not be exempt from applicable usury laws, even though this financial arrangement is not a loan, let alone a conventional loan, but is in the nature of risk capital financing/provision of services and real estate and that the contemplated compensation appears to be, and has been represented by the payors to be commensurate with the multiplicity and magnitude of the risks, including those as above identified.
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Company Name: GEAR International, Inc. (OTC Pink: GEAR)
Contact Person: Carlton Wingett
Country: United States