Universal Wellness Holding near Completion of Legal and Accounting Review to Complete Acquisition of $20 Million in Crypto Assets
Del Mar, California--(Newsfile Corp. - April 19, 2021) - Universal Wellness Holding Corp (OTC Pink: ADHC) announced today that the company's subsidiary, Universal Crypto Holding is planned to be split off into a new public company. Shareholders of ADHC will receive shares in the new entity in the form of a shareholder dividend. Management has been meeting with legal counsel to structure the transaction and it is anticipated that upon completion of the cryptocurrency acquisition steps will then be taken to effectuate the spin- off of Universal Crypto Holding into a separate publicly traded company. Shareholders of ADHC, upon the Dividend Date will receive shares in the new entity in form a shareholder dividend.
It is expected that this transaction should be completed by the end of the July 31,2021 fiscal year.
Issues of liquidity and high volatility create FASB concerns in establishing GAAP rules for valuing crypto currency on the balance sheet of public companies. Cryptocurrencies generally are considered a separate asset class and can be extremely beneficial in building a strong balance sheet. ADHC expects to get clear legal and accounting guidance on this issue in order to comply will the applicable rules and regulations in the cryptocurrency arena.
In additional news regarding the name change and new ticker symbol, ADHC's transfer agent has submitted all required documentation to FINRA. A new CUSIP number has been assigned and we expect to receive formal notification of the new ticker symbol soon.
The recent 3000% move in Dogecoin and the $85 Billion IPO for COINBASE is seminal moments in the $2 trillion crypto currency sector. Coinbase expected meteoric growth of $1.8 billion in Q1 revenues and $800 million in Q1 profits has resulted in a market cap in excess of $85 billion.
Major publicly traded companies like Tesla and Twitter have added Bitcoin to their corporate balance sheets, while Mastercard, Visa and PayPal are making it easier to use cryptocurrency as a form of payment.
Bitcoin has recently traded over $63,000 up from a low of .06 (six cents) 5 years ago. The entire crypto currency market is estimated to exceed $2 trillion in market valuation.
ABOUT UNIVERSAL WELLNESS CORP (PREVIOUSLY NAME: AMERICAN DIVERSIFIED HOLDINGS CORPORATION, (OTC Pink: ADHC) Twitter @universalwelln@ and @univcrypto www.UniversalWellnesshc.com
Universal Wellness unveiled a new Ecommerce business on 4-7-2012, www.UniversalWellnesshc.com. The company previously announced two Letters of Intent to acquire leading companies in the CBD sector. Interested parties can refer to our previous news releases on www.otcmarkets.com for more information on those companies as due diligence process continues.
Based upon latest information from www.otcmarkets.com Universal Wellness Holding Corp (OTC Pink: ADHC) currently has:
866 million shares outstanding
330 million shares in the float
Universal Wellness Holding Corporation is not planning to reverse split the stock, once again there will be no reverse split of this stock for Universal Wellness Holdings Corp (OTC Pink: ADHC).
ABOUT Universal Wellness Holdings Corp (OTC Pink: ADHC)
Universal Wellness Holding Corp (OTC Pink: ADHC) is a publicly traded holding company trading under the ticker symbol ("ADHC"). Until the new ticker and name changed are approved information on ADHC can be found on otcmarkets.com under American Diversified Holdings Corporation. The company has recently changed its name and is awaiting a new ticker symbol to be assigned.
Investor Contact: adhccorp@gmail.com 858-259-4534
Information contained herein includes forward-looking statements. These statements relate to future events or future financial performance, involving known and unknown risks and uncertainties that may cause our actual results to be materially different performance or achievements expressed. You should not place undue reliance on these statements since they involve known and unknown risks, in some cases, beyond our control may affect actual results. Any forward-looking statement reflects our current views with respect to future events and is subject to uncertainties.
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