HPIL Holding (HPIL) Updates Shareholders on Company Reporting Status.

Rhea-AI Summary

HPIL Holding (OTC-PINK: HPIL) has announced that after discussions with its auditors and the OTC Markets, it will complete an ongoing audit expected in 4-6 weeks. This decision aims to ensure compliance with OTC and SEC standards, thereby addressing past filing issues. CEO Stephen Brown emphasized the need for professional assistance to facilitate this process, allowing the company to focus on business growth. The completion of the audit is anticipated to provide shareholders with confidence in HPIL's financial reporting.

Positive

• Completion of the audit expected in 4-6 weeks, improving compliance.
• Decision to employ top accountants and auditors indicates a commitment to transparency.
• Potential for becoming an SEC fully reporting company enhances credibility.

Negative

• None.

VANCOUVER, British Colombia, Dec. 29, 2021 /PRNewswire/ -- HPIL Holding (the "Company") (OTC-PINK: HPIL) The company has struggled with past filings with the OTC and has made a decision that after conferencing with its Auditors and Accountants, along with a conversation with the OTC Markets on December 29^th 2021 confirming that HPIL is not in any jeopardy of being removed from the Pinks, so we therefore have made a decision to complete the audit of HPIL that is currently underway and is expected to be completed in the next 4-6 weeks at most. This will hopefully give all HPIL shareholders comfort in that it will be completed in so that HPIL will then be able to become a SEC fully reporting company.

"I finally after the many reviews and not having documents from the past and the ones I have since received, the company has made a conscious decision that it will need top professionals like our Accountants (SRCO) and Auditors (Mazars) to complete them and bring them to both OTC and SEC compliance standards. This will also allow us to concentrate on our rapidly growing business and to bring it to the forefront," said Stephen Brown CEO.

Safe Harbor: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filing.

For more information:                               
HPIL Holding                               
1720 650 West Georgia St
Vancouver, BC V6B 4N8!v
Contact: Stephen Brown, CEO 
info@hpilholding.ca                             
+1 778-819-1956

View original content:https://www.prnewswire.com/news-releases/hpil-holding-hpil-updates-shareholders-on-company-reporting-status-301451569.html

SOURCE HPIL Holding

FAQ

What is HPIL Holding's current status regarding its audit?

HPIL Holding expects to complete its audit in 4-6 weeks as part of its efforts to comply with OTC and SEC standards.

When did HPIL confirm it is not at risk of being removed from OTC Pink?

HPIL confirmed its status with the OTC Markets on December 29, 2021.

What steps is HPIL taking to improve its financial reporting?

HPIL has decided to work with professional accountants and auditors to ensure compliance with regulatory standards.

How does HPIL's audit impact its shareholders?

The completion of the audit aims to provide shareholders with greater confidence in HPIL's financial reporting.