Russia, Moscow, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Rafarma Pharmaceuticals (OTC: RAFA). The Company is pleased to announce that it has completed the restructuring, accounting and balance sheet procedures required to comply with GAAP auditing standards.
Due to the changed geopolitical situation, the company was unable to complete the review of some of the assets that were set for audit consolidation, namely Kraspharma and Bebig. The Company will continue to provide its shareholders with regular unaudited financial statements of Kraspharma and Bebig. Once the geopolitical climate changes, the company intends to complete the audit of these two assets and add them to the consolidated audited accounts.
Meanwhile, the company is working on and acquiring several assets and projects located in Kazakhstan, Israel, El Salvador, Sri Lanka and Hong Kong.
The company is currently working with its auditor and will submit standard GAAP audit reports that will include the acquired assets. Announcements will also be made in the near future describing newly acquired assets and projects in which the company is involved.
New acquisitions will not dilute the current assets of the company's shareholders.
The recapitalization of the company will be carried out through preferred shares. Our goal is to restructure the company to expand our products and manufacturing capabilities into global markets while maintaining the original scale of operations.
We are going to focus on medical research and development, both in terms of devices and drugs. In addition, we are interested in creating partnerships to continue to benefit from new product launches. We hope to use the resulting innovative products to create a global innovative company worth at least $2 billion by the end of 2025.
After assessing market changes and ongoing research projects in recent years, the company's development directions until 2028 were formed. Its portfolio includes nuclear medicine, biotechnology products, SMART packaging, and biotechnology research and development.
Below is the company's strategy for 2023-2028:
1. Transfer of projects and experience to open markets. Instead of unsafe transactions with Russian assets, we transferred our experience to more stable markets. Production lines are moving to Hong Kong, Kazakhstan, South Korea, El Salvador and Sri Lanka;
2. Stopping the project in Uzbekistan. The project in Uzbekistan has been stopped until the legislation is clarified. The project is temporarily frozen, since the government of Uzbekistan has not yet begun to implement the decree of the President of the Republic on the commercial circulation of blood plasma, issued under our agreement. In this regard, we officially do not have the right to implement our project in Uzbekistan, but we are actively looking for a similar country in Central Asia;
3. Introduction of microspheres as medical devices in China and Korea. We continue to seek acquisitions in the global market to further expand our portfolio;
4. Completion of verification. The company expects that, taking into account the forced changes in its structure, the audit will be completed by the end of first quarter of 2024;
5. Additional investments. The company's management invests its own funds in the implementation of new projects by increasing the company's attracted capital without increasing the number of voting shares;
6. We plan to further capitalize and increase the profitability of existing assets:
?Medical polymers;
?Pharmaceutical substances and antibodies;
?Photopolymers and holographic products;
?Consumables for muon spectrography;
?Emulsion and colloidal photographic materials;
?Ultra-pure materials based on aluminum A5H and A6H (99.9999%) for microelectronics;
?Packaging materials for pharmaceuticals.
Rafarma has the potential to become a major driver of the modern healthcare industry in areas where we can do it best. We provide nuclear, technology and pharmaceutical solutions to hundreds of thousands of patients around the world. Our products are trusted by healthcare professionals and institutions around the world. Through a diversified product portfolio and a wide range of research projects, we strive to disseminate our work and our core values.
We believe that our commitment to saving and preserving the quality of life of patients, as well as the experience of our team, is the right combination to overcome this technological milestone. We focus on the areas we know best: nuclear medicine, new pharmaceuticals, medical devices and cancer treatment technologies. Our credo: we must save lives that should not be lost thanks to modern technological advances; we must preserve a quality of life that can be freed from unnecessary restrictions and suffering; and we must push medical progress forward.
The press conference with with shareholders hold on November 23, 2023 online on Zoom.
