Medican Enterprises Inc. (“Medican”) today issued a statement regarding recent disclosures made by Green Rain Energy Holdings Inc. (“Green Rain” or the “Company”) in its Form 8-K filing concerning a Convertible Promissory Note originally issued on January 26, 2019.

Medican confirms that it is the lawful holder of the Convertible Promissory Note issued by the Company in connection with a duly executed Purchase and Sale Agreement. The Note, originally issued in the principal amount of $20,000,000 with an 8% interest rate, remains outstanding and in default.

In prior public filings, including the Company’s Regulation A offering circular, Green Rain acknowledged the existence of the Medican note as a material liability and disclosed that the note is in default and subject to conversion provisions. However, in its recent Form 8-K, the Company has taken a contradictory position by characterizing the same obligation as “purported,” while simultaneously acknowledging its material impact on the Company’s capital structure.

Medican believes this inconsistency raises serious concerns regarding the Company’s disclosures to investors and its handling of legacy obligations. Additionally, Green Rain has instructed its transfer agent to block any conversion requests related to the note unless authorized by management and the board. Medican views this action as an improper attempt to interfere with the contractual rights of the holder under the terms of the Convertible Promissory Note. Medican further confirms that it previously engaged in good faith efforts to resolve this matter amicably, including discussions involving a potential settlement at a substantial discount to the outstanding balance. Those efforts were not accepted by the Company.
Medican Enterprises Inc. intends to pursue all available remedies to enforce the agreement relating to the settlement of debt allocated toward the research and development of the electric vehicle program.
As a result of the Company’s actions, Medican is preparing to pursue all available legal remedies, including seeking judicial enforcement of its rights under the Convertible Promissory Note.

“Green Rain has publicly acknowledged the note as a material obligation while simultaneously attempting to dispute it and block conversion,” said Dr. Xavier Mitchell, authorized representative of Medican Enterprises Inc. “We believe the facts and governing agreements are clear, and we intend to enforce our rights accordingly.”

Medican reiterates that the Convertible Promissory Note remains a material obligation of the Company and that its resolution is critical to the Company’s financial condition and shareholder interests.
Medican will provide further updates as appropriate.

About Medican Enterprises Inc.
Medican Enterprises Inc. is a diversified enterprise focused on strategic investments and asset development across multiple sectors.
Media Contact:
Dr. Xavier Mitchell
Medican Enterprises Inc.
[email protected]

Forward-Looking Statements Disclaimer
This press release contains forward-looking statements regarding potential legal actions and outcomes. Actual results may differ materially due to various factors, including legal proceedings, negotiations, and market conditions. Medican undertakes no obligation to update these statements except as required by law.