BANGI Shareholders Set to Reap Significant Tax Benefits from New Designation
LOS ANGELES, CA / ACCESSWIRE / July 24, 2019 / BANGI, Inc. (OTC PINK: BNGI), a diversified investment vehicle that acquires and leases specialized real estate assets in the cannabis, hemp and CBD industries, today announced that it expects to be designated as a Qualified Opportunity Fund with the filing of Form 8996 with the Internal Revenue Service (“IRS”). As a result, current and future BANGI shareholders, when determining whether any property, including stock in the Company, shall meet the requirements as set by the IRS to be Qualified Opportunity Zone Property and thus provide certain tax benefits to investors.
“Our designation as one of the first public companies that meet the criteria of an entity operating in an IRS-designated Opportunity Zone will be a significant benefit to the company and its shareholders, particularly when considering that many of the approved cannabis locations are located in such Opportunity Zones,” said Dr. Neil Parsan, Chairman and Chief Executive Officer of BANGI, Inc. “This new designation will provide numerous tax benefits to our investors while making our stock much more attractive to the overall investment community, including institutional investors, hedge funds and high net-worth investors,” concluded Dr. Parsan.
According to the IRS, at www.irs.gov, “[a]n Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.” Further, “[a] Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in a Qualified Opportunity Zone.” Any stock acquired from the Company, including publicly traded stock, upon becoming a Qualified Opportunity Zone Business, either directly or through an underwriter in exchange for cash, will be treated as Qualified Opportunity Zone Stock and can lead to tax benefits for the holder of such investments. For more information, please visit “Opportunity Zones Frequently Asked Questions” available online at https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions.
The Company intends to file Form 8996, Qualified Opportunity Fund, before August 1, 2019. Upon timely filing of this Form, the Company will be considered a Qualified Opportunity Fund, based upon its location in Carson City, Nevada, an Opportunity Zone, and intended investments within Opportunity Zones as designated by the IRS. Any investments in the Company, including investments in the publicly traded stock of the Company, upon this qualification shall be treated as Qualified Opportunity Zone Property or Stock and can lead to tax benefits for the holder of said investment.
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About BANGI, Inc. [OTC: BNGI]
BANGI (pronounced bon-ghee), which means “marijuana” or “hemp” in the African dialect Swahili, is a diversified investment vehicle that acquires and leases specialized real estate assets, such as cannabis farms. The Corporation combines hard asset security and long-term appreciation potential. For more information, visit www.bangistock.com.
BANGI, Inc. Forward-Looking Statements
This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “should”, or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: BANGI, Inc.
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