COLORADO SPRINGS, Colo., Nov. 2, 2010 /PRNewswire-FirstCall/ -- Cannabis Science, Inc. (OTC Bulletin Board: CBIS ), a pioneering US biotech company developing pharmaceutical cannabis products, is pleased to announce to its shareholders and the investment community that its Board of Directors have confirmed decisions and processes regarding the new class of common shares. The new class will initially be created by a proposed 1 for 10 new share dividend payment for shareholders of record as of the proposed record date of November 30, 2010.
The proposed structuring and implementation of the new class of common shares requires various state, SEC and FINRA filings and approvals. The Company will announce official filings and provide guidance as to target effective dates as it progresses through the process. The proposed structure is as follows: New Share ClassThe Company's proposed new common share structure will include Class A as the new Class, and Class B will be the current outstanding trading common shares. Each Class of shares will have its own trading symbol and will contain the following features:
Class A Common Share Features (New class of common shares):10 votes per shares Convertible into Common Class B shares at a ratio of 30 for 1 Ratio participation of 9/10th (90%) on declared dividends Unique trading symbol
Class B Common Share Features (Current class of common shares):1 vote per share Not convertible into other classes of shares Ratio participation of 1/10th (10%) on declared dividends Unique trading symbol
The price ratio conversion feature on the new Class A shares is to ensure the integrity of the share price ratio during market fluctuations between the new Class A and B common share classes, similar to that of Berkshire Hathaway's Class A and B c