PHOENIX, ARIZONA – (Disclosure & News Service – June 11, 2018) – PetroSun, Inc (OTC PINK: PSUD) The Board of Directors of PetroSun Inc (“PetroSun” or “the Company”) is pleased to announce that TorusMed Inc, a wholly owned subsidiary of PetroSun will spin-off and distribute all outstanding shares of the common stock of TorusMed to the PetroSun shareholders of record as of June 15, 2018. TorusAg, Inc, a wholly-owned subsidiary of TorusMed will remain a subsidiary of TorusMed after the spin-off. The spin- off will be at a ten-to-one ratio, whereby for each ten shares of common stock of PetroSun owned by each shareholder, one share of common stock of TorusMed will be issued to each shareholder. If TorusMed raises capital prior to the spin-off, then the shareholders of PetroSun will be diluted in a pro-rata amount.
TorusMed intends to list its securities with OTC Markets, but there is no assurance that this will be completed or if completed, when it will be completed.
TorusMed is currently distributing cannabidiol (“CBD”) oil and related products through a License and Distribution Agreement with Indicaid, Inc. TorusAg will cultivate industrial hemp in Arizona under recently enacted State of Arizona legislation scheduled to take effect in the fall of 2019.
PetroSun is in the energy sector and has no on-going synergies with the business of TorusMed. The management of PetroSun wants to provide value to its shareholders and the opportunity for TorusMed to finance its operations independently from PetroSun. The Company will provide additional details of the spin-off as it becomes available.
PetroSun, Inc. 480-425-4290