Rafarma Pharmaceuticals Inc. (OTC: RAFA) is pleased to announce the complete restructuring of its existing € 90,000,000.00 loan with VNeshconombank (VEBank), Russia's premier development bank. Terms and conditions of the restructured loan include a 3-year deferment, or holiday, on all principal and interest payments thus greatly enhancing the financial stability of the company.
Company CEO Dave Anderson stated, "We are gratified that VEBank have arranged this three year deferral and feel this offers a validation of management's progressive plan and meaningful support to Rafarma's stated objective of becoming a leading pharmaceutical company in Europe. This agreement significantly enhances your company's financial prospects."
The original loan from VEB was used in the construction of the company's 270,000 square foot state-of-the-art production facility in Terbuny. The company is in active production, supplying the Russian public health system, Russian military and is various stages of finalization for several private-industry production contracts.
For the last three years, the Russian Government has been highly focused on bolstering the development of the nation's domestic pharmaceutical industry. Rafarma's mission is to work under the auspices of aggressive federal initiatives to fast-track the modernization of Russia's pharmaceutical industry.
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.
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.