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Rafarma announces consolidation of financial reports in preparation for PCAOB-Registrant Audit

Rafarma Pharmaceuticals (OTC: RAFA), which previously announced plans for a full audit and a streamlining of its corporate structure, plans to prepare and publish consolidated financial reports in anticipation of the audit.

As part of Rafarma's ongoing effort to streamline and consolidate its corporate structure, revised financial reports are being prepared which consolidate the revenue reporting of Rafarma and its subsidiary production plant. These new reports will provide greater transparency and will conform to GAAP principles.


Operating from a new 270,000 square-foot state-of-the-art manufacturing and distribution facility in Russia, Rafarma Pharmaceuticals produces generic antibiotics and specialty pharmaceuticals in addition to its own line of proprietary products that are approved by the Ministry of Health of Russian Federation. For the last three years, the Russian Government has been highly focused on bolstering the development of nation's domestic pharmaceutical industry. Rafarma Pharmaceuticals' mission is to work with the auspices of aggressive federal initiatives to fast-track the modernization of Russia's pharmaceutical industry.

Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate,", "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.

SOURCE: Rafarma Pharmaceuticals, Inc.


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