Rafarma Pharmaceuticals, Inc. (OTC: RAFA) announces the appointment of Mr. Bruno Horn, a Swiss citizen, as the new President and Director of the Company, effective July 15, 2014. Mr. Horn is the founder of his own consultancy based in Switzerland, specializing in steel trading and the pharmaceutical industry. Mr. Horn started his career as a trader in raw materials and semi-finished products, as well as, OEM products for Olivetti. Mr. Horn served as head of back office for Olivetti Group's financial operations. Mr. Horn was in charge of international flat steel trade structure for Olsher Metals, a US based group, before joining the Lucchini Group with their flat products sector and organizing the sales structure for the US. Mr. Horn, also served as independent consultant for CMM, a US based company active in the field of securitizations. Most recently, Mr. Horn was director of finance for MMK Steel of Russia. Mr. Horn brings significant experience in finance and operational management particularly in Russia markets.
Mr. Horn's appointment is the first stage in a substantial management overhaul as part of ongoing negotiations to acquire the current majority shareholder's interest by Sistema JSFC, the largest publicly-traded diversified holding company in Russia and the CIS. Sistema is now one of Russia's top ten companies by revenues and is one of the largest investment companies in the world. The group owns a diverse set of public and private companies, which it holds in several distinct portfolios. Sistema's acquisition continues the company's strategy of gaining full reporting status and increasing transparency.
Sistema is Russia's largest publicly listed holding company. Incorporated in 1993, Sistema is now one of Russia's top 10 companies by revenue, and is one of the largest holding companies in the world. The company's portfolio comprises stakes in predominantly Russian businesses in a range of sectors, including telecommunications, oil, utilities, consumer, high tech and others. Sistema is the controlling shareholder in most of its investments. Sistema's competences are concentrated in the area of increasing operational efficiency of acquired assets through restructuring and attracting industry partners with a view to increase expertise and reduce financial risks. Sistema performed active portfolio management in 2013 and received US$ 3.2 billion from exits, restructuring and dividends. Excellent cash inflows expected to substantially increase Sistema's dividends. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange (1 GDR is 20 ordinary shares) and the ordinary shares are listed under the symbol "AFKS" on the Moscow Exchange.
ABOUT RAFARMA PHARMACEUTICALS, INC.:
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.
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SOURCE: Rafarma Pharmaceuticals, Inc.