Istanbul, Turkey, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Protect Pharmaceutical Corp. “OTC:(PRTT)” Protect Pharmaceutical Corp. CEO Ali Yildiz Provides Shareholder Update.
As CEO of PRTT I wanted to update shareholders on current progress within the company. We posted our largest quarter for revenues for the second consecutive quarter. Our growth strategy is working and we recently announced the acquisition of Bosfor Export. This is one of several acquisition targets and we plan to continue to grow and expand not only our current business but also acquire additional companies that meet our growth strategy. Our PCAOB audit is nearing completion. We have a few outstanding open items to resolve and believe we will be able to resolve them in the coming weeks. We are on track to finish our audit by the end of the year as we previously stated. We will be providing weekly updates between now and the finalization of our audit. Upon finalizing the audit we will prepare and file a form 10 for the company to resume reporting with the SEC and upon the form 10 becoming effective we plan to change the name of the company to something more in line with our current business model
As we prepare for these steps and the company continues to post record earnings and profit the board of directors has approved a share repurchase program. We are announcing a repurchase program under which the company may repurchase up to $10 million dollars in value of its outstanding common stock which has a par value of $.005 per share.
From time to time, the Company will make common stock purchases in the open market and in privately negotiated transactions, subject to market conditions, share price and other internal factors. The amount and timing of any share repurchase transactions will be determined based on the Company’s evaluation of market conditions and other factors and the program may have additional funding over time, may be discontinued or suspended at any time at the Company’s discretion. All repurchase transactions executed by the Company will be made in accordance with the Security and Exchange Commission rules and regulations and any other specific legal requirements the Company may be subject to. In part, the Company’s repurchase transactions may be conducted under a Rule 10b5-1 plan, which allows stock repurchase transactions when the Company might otherwise be precluded from executing repurchases. The Company intends to fund the Share Repurchase Program with available cash flow from Operations and from its pipeline of future business and contracts.
As we move into the new year we intend to strategically and methodically grow the company as we have the past few years and create a very profitable and worldwide organization that will revolutionize the logistics and transportation industry.
Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For more information contact:
Protect Pharmaceutical Corp.
Ali Yildiz: +90 (531) 452 82 27
Email: info@atlantic-logistics.net
