Endexx Corporation Announces Strategic Shift in Auditor Services to Bolster Growth and Transparency

Rhea-AI Summary

Endexx Corporation (EDXC) announces a strategic update on auditing and financial reporting processes, parting ways with previous auditors Turner, Stone & Company, L.L.P. The decision aims to enhance alignment and efficiency, ensuring transparency and operational excellence. The company is in the process of selecting a new auditor to support its growth trajectory and commitment to stakeholders.

CAVE CREEK, AZ, Feb. 16, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Endexx Corporation (OTCQB: EDXC), a leader in the development and distribution of innovative wellness and nutritional products, today announced a strategic update on its auditing and financial reporting processes, underscoring its commitment to operational excellence and heightened transparency for its shareholders.

Strategic Decision for Enhanced Alignment and Efficiency

Following thoughtful consideration and after discussions with all relevant regulatory bodies, including the OTC Markets, the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB), Endexx has decided to part ways with Turner, Stone & Company, L.L.P., our previous independent auditors. This decision, effective February 9, 2024, and fully supported by our Board of Directors, reflects our proactive stance towards aligning our auditing practices with our strategic goals and operational requirements.

It’s important to clarify that this transition is in no way related to compliance or regulatory issues concerning Endexx Corporation. Our proactive dialogue with regulatory bodies affirms that this strategic shift is in the best interest of the company and our stakeholders, aligning with our dedication to transparency and accountability.

Navigating Change with Confidence

Throughout our tenure with Turner, Stone & Company, we observed multiple changes in their managing partners and senior partners. This turnover introduced challenges in maintaining the consistency and reliability we require for our forward momentum. Acknowledging these dynamics, we believe that seeking a new partnership with a firm that offers stability and aligns with our rapid growth trajectory is a prudent step forward.

Endexx is currently in the process of interviewing potential auditors and is committed to selecting a partner that not only meets our high standards for accuracy and transparency but also shares our vision for the future. A decision will be announced shortly, ensuring there is no delay in our financial reporting and that we continue to uphold our responsibilities to our shareholders and the market.

Looking Ahead with Renewed Focus

This transition marks a significant milestone for Endexx as we continue to innovate and lead in the wellness and nutritional product sectors. We are enthusiastic about the future and the opportunities that lie ahead, particularly for our HYLA division, which represents a key growth area for the company.

We extend our deepest gratitude to our shareholders for their understanding and support during this period of transition. Your confidence in our vision and strategy is invaluable as we embark on this next phase of growth and success.

Endexx remains firmly committed to achieving operational excellence, enhancing shareholder value, and maintaining the highest levels of financial integrity and transparency

About Endexx Corporation

Endexx Corporation develops and distributes all natural, plant-derived wellness products and topical skincare products.  Its products vary from balms, creams, lotions, butters, masks, scrubs, and oils, all with the shared purpose of healthy skin and grooming wellness.  The science behind these products involves a decade of clinical research in the field and lab work to provide functional formulation with ingredients for optimal absorption and support of skin health. www.endexx.com

Hyla currently markets its proprietary non-nicotine, guarana and L-Dopa-based vape products in a wide variety of flavors. The Hyla device is the first non-nicotine vape product to be produced in this manner in the United States and provides an unprecedented 4,500 puffs per device. Hyla is currently being distributed in 10 countries and has signed distribution agreements with an additional nine countries. www.tryhyla.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements.  Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.

No Offer or Solicitation. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and, where applicable, the requirements under the securities laws of any other applicable jurisdiction.

For further details, please contact:
Endexx Corporation
IR@Endexx.com

FAQ

Why did Endexx Corporation decide to part ways with Turner, Stone & Company, L.L.P.?

Endexx Corporation decided to part ways with Turner, Stone & Company, L.L.P. to enhance alignment and efficiency, seeking a new partnership that offers stability and aligns with the company's rapid growth trajectory.

When was the decision to part ways with Turner, Stone & Company, L.L.P. effective?

The decision to part ways with Turner, Stone & Company, L.L.P. was effective on February 9, 2024.

Is the transition related to compliance or regulatory issues concerning Endexx Corporation?

No, the transition is not related to compliance or regulatory issues concerning Endexx Corporation. It is a proactive decision to align auditing practices with strategic goals and operational requirements.

What is Endexx Corporation's current status in selecting a new auditor?

Endexx Corporation is currently in the process of interviewing potential auditors and is committed to selecting a partner that meets high standards for accuracy and transparency, as well as shares the company's vision for the future.

What milestone does the transition mark for Endexx Corporation?

The transition marks a significant milestone for Endexx Corporation as the company continues to innovate and lead in the wellness and nutritional product sectors.