Would you be so kind as to point out what portion of the below PR is considered a standard boilerplate statement? Are you referring to the “About Gifa” section?
From what I can tell, the below bolded portion is anything but standard. Some would consider this just another red flag added to the already large list associated with this ticker.
PUBLISHED FEB 20, 2020 3:50PM EST SAN DIEGO, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Gifa, Inc., a Nevada corporation ("GIFA," the “Company,” “we,” and “our”) is pleased to announce that it is working to complete several objectives despite encountering a very difficult and extremely challenging economic environment during 2018, 2019 and currently in 2020. These adverse economic forces resulted in extremely high inflation rates and a serious devaluation of the Turkish Lira.
Overall, these factors have forced us to curtail and re-evaluate some of our business plans including, but not limited to, our plans to complete certain filings with the SEC that contain our financial statements for 2018, 2019, and 2020 (the “Filings”) and concentrate our efforts on exploring other business opportunities that may insulate the Company from the destructive effects of inflation and adverse foreign currency exchange rate forces. We continue to explore several alternatives that may allow us to complete the Filings and strengthen our business, but we cannot assure you that we will be successful.
We are pleased that that we have had successful meetings in January 2020 that may allow our subsidiary, Gifa Consulting Limited, to undertaking trading in petroleum in US Dollar currency. To this end, we incorporated a new subsidiary Gifa Petroleum Limited on February 17, 2020 and if we can implement our plans, our goal is to source and deliver cost-effective solutions to customers in our geographic region, especially in Africa. We know that we will need to establish key relationships with certain suppliers, oil companies, refiners and downstream partners. And we will need to establish a fuel oil trading team that will allow us to have regional presence, market knowledge and efficient logistics to connect producers to end-users within suitable geographic markets. If we are successful in these efforts, we may be able to have a portion of our business conducted in US Dollar-denominated commodities which may serve to insulate us from inflation and severe local currency exchange rate risks.
About Gifa, Inc.
As previously disclosed, we completed certain changes in September 2017 that resulted in the election of Mr. Ilksen Yesilada and Mr. Yusuf Kisa as Directors of the Company and we amended our Articles of Incorporation to change the Company’s name to GIFA, Inc. and to reduce the number of authorized Common Stock to 500,000,000 shares while authorizing 10,000,000 shares of Preferred Stock. We previously filed certain reports with the Securities and Exchange Commission, and we are hopeful that we may be able to do so in the future. We have completed certain filings with the Secretary of State of the State of Nevada as required by Nevada law.
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