Business
SEC Cancels Regulatory Penalty and Interest Concerning Legacy Civil Enforcement Action
SEC Cancels Regulatory Penalty and Interest Concerning Legacy Civil Enforcement Action.
About this update from Plandai Biotechnology, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / June 22, 2022 / Plandai Biotechnology Inc. (OTC PINK:PLPL) (the "Company") today announced that the U.S. Securities and Exchange Commission canceled civil penalties and interest totaling approximately $200,000 related to the Commission's 2018 action against the Company and its former Chairman of the Board and CEO, Mr. Roger Duffield.Tad Mailander, the Company's CEO and director commented, "I am pleased to report that the Commission has canceled the unpaid fine and interest imposed on the Company as a result of this action. For the past two years, the Company has worked diligently to resolve its legacy financial burdens in order to move forward for the benefit of its shareholders. The Commission's decision to cancel the fine and interest completes the settlement of all known significant legacy debt against the Company, including the previously announced settlement and release of $6.9 million in outstanding notes payable to Berkshire Capital Management Co. and various third-party legacy lenders."The company is continuing its due diligence and discussions pertaining to the possible licensing deal with Puri Blood, as well as other acquisition opportunities. In addition, the company is in the process of engaging a PCAOB audit firm to complete a two year audit of the company as part of an effort to file registration statement with the SEC. Mr. Mailander further commented "with the Company's June 30th fiscal year end approaching next week, I'm more optimistic than ever that the company is poised to do great things with the foundation we've managed to build."About Plandai, Inc.Plandai Biotechnology, Inc., a Nevada corporation, is a publicly quoted shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth.FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for o...