Pharmacielo Ltd (PCLO)

[Reel Big Fisch]

Hindenburg Research
@HindenburgRes

PharmaCielo's response this morning is wholly inadequate and addresses none of the issues we raised, nor does it offer any refutation of the specifics of our report. $PCLO $PCLOF's press release simply declares everything in our report to be false.

We pointed out that a CURRENT director (and original co-founder) misrepresented a bankruptcy & engaged in what appears to be brazen self-enrichment scheme with $PCLO $PCLOF's CURRENT largest shareholder. The company simply re-iterates its bull thesis (which we also debunked).

Shareholders would have been better served by $PCLO $PCLOF commenting on the Cauca greenhouse that doesn't exist, the fact that partner General Extract belongs to a former $PCLO COO, partner XPhyto's CEO's history of failed companies, or plans to deal with cash burn.

As far as $PCLO $PCLOF's vague legal threat at the end of its response, we would encourage the company to publicly detail any and all facts and/or specifics rebutting our research. But we think the public will be waiting a long time for that response, too.