(OTC Pink: AZFL) (PINKSHEETS: AZFL), a natural resources company dedicated to innovative, sustainable forest management, and the establishment of a stateside revenue stream from the planting, harvesting and researching of Industrial Hemp and related products, today provided an update on its business initiatives over the past six months and plan for moving forward to increase revenue and build shareholder value.
- Engaged a PSAOB auditor and in the process of auditing its books. The audit is expected to be completed no later than August 31st, 2015.
- Extended a Letter of Intent to purchase K.R. Producao Florestal Ltd, as a fully licensed subsidiary in Manaus, Brazil. The Brazilian entity comes with more than 67,000 acres of rural land suitable for forest management and preservation projects such as REDD +. Currently in the final stages of the acquisition, the Company expects to complete the acquisition by September 15, 2015.
- Retained legal counsel to draft an S1 Registration Statement. The present target date for completion and filing is no later than October 1, 2015.
- Signed a MOU to enter into a strategic alliance that will develop its Industrial Hemp Business beginning with a plantation and lab to be installed in Kentucky.
- The Company has executed a Term Sheet covering a potential $15 Million Equity Line from a reputable lender. The Company is line to complete agreements this week making it eligible to activate this line by October 31st, 2015, once the S1 Registration Statement is filed.
- The Company has renegotiated its Purchase Order Agreement with Trackwork Ltd, of Doncaster, UK, and expects to obtain a new order this year for Hardwood Sleepers that are Certified by the Forestry Stewardship Council for delivery as a certified product abiding by new European Trade Union requirements for tropical wood imports into Europe and the UK.
Ricardo Cortez, Chairman of the Board of Amazonas Florestal, commented, The Company is in the process of being reorganized and recapitalized, and remains on course to complete audits and be fully reporting by no later than October 15, 2015. We are pleased to be taking the above mentioned steps in our business to foster revenue growth and increase shareholder value moving ahead. The Company will be providing a series of updates and announcements as progress is made during the coming weeks and months.
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