Business
Letter to Shareholders from the Chairman of the Board Ilya Shpurov
Letter to Shareholders from the Chairman of the Board Ilya Shpurov.
About this update from Rafarma Pharmaceuticals, Inc. (wy)
[{"type":"text","content":"\n Nicosia, Cyprus, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Rafarma Pharmaceuticals, Inc. OTC: (RAFA) shares the following letter to shareholders from Chairman of the Board Ilya Shpurov: “It is my pleasure to provide the following update on the exciting future and status of Rafarma's audit. The company intends to file Form a 10 with the SEC to initiate SEC reporting status. In order for this to happen, we must complete our previously announced audit. The audit has challenges which have affected the timeline. A significant number of the company's industrial assets are located in Russia, where the deadline for submitting the annual reports of public companies according to the international standard is July 15th. We have to audit them and convert them to GAAP, which is happening right now. We are currently working with several audit firms including Soldinger & Associates to obtain a PCAOB audit of the financial performance of Rafarma Pharmaceuticals Inc. in accordance with GAAP. As a CEO, I have been involved in many transactions around the world and understand the concerns of shareholders about a company's assets. We have not previously conducted a PCAOB audit for any of our companies, and we are working through the learning curve with a goal of maximum transparency. However, I feel confident that we are close to completing the audit. We expect its completion in the next 6-8 weeks. This audit includes consolidated reports from several large companies in various jurisdictions. This was a very big undertaking for our company and we are delighted to complete this process and move on to the next steps in our plans for the company. I am also pleased to announce that the company recently signed a number of agreements to develop new drugs in the treatment of behavioral disorders, which will be announced later.” Forward-looking statements: This press release contains “forward-looking statements” within the meaning of section 21E of the Securities Act of 1934. Except for the historical issues contained in this document, the statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “before”, “plan”, “expect”, “believe”, “expect”, “intendR...