Rafarma Pharmaceuticals, Inc. (OTC:RAFA) provides the following update to shareholders:
The company is continuing its PCAOB auditing process, and, after input from accounting, legal and business consultants, is changing the planned auditing years to 2020 and 2021. This decision comes not only because of business factors (e.g., pandemic delays, significant changes in international tax legislation and legislation in the target markets of the company, as well as other several objective factors) but also because the audited information will be more current and will more thoroughly showcase the company’s business strength to the public market. Other than changing audit years, the process will continue and enable Rafarma to apply for uplisting on a major market platform. As always, our goal is to build a well-calibrated business operations and market transparency.
Additionally, we are pleased to announce that R.& D. BIOCOGENCY LABORATORIES INC. LTD will complete a $9.5 million capital infusion to Rafarma by the end of 2021. The cash will be used to finance current costs for consultants, scientific laboratories, contactors, and project organizations, as well as to finance the previously-announced project in Uzbekistan.
In addition, the progress on R&D projects in Turkey and Thailand continues, with further updates to follow.
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
SOURCE: Rafarma Pharmaceuticals, Inc.