Plandai Biotechnology, Inc. Announces Termination of Non-Binding Letter of Intent

Rhea-AI Summary

Plandai Biotechnology has terminated its non-binding letter of intent with Ms. Jessie Chiang for licensing the Puriblood Leukocyte Reduction Blood Filtration System. This agreement aimed to secure exclusive rights for North, Central, and South America but would have led to Ms. Chiang acquiring a controlling interest in Plandai. The Company is exploring new strategic opportunities to enhance shareholder value and has engaged Hudgens, CPAs for an independent financial audit for fiscal years 2021 and 2022, with plans to file a registration statement following the audit's completion.

Positive

• Engaged Hudgens, CPAs for an independent audit, indicating a move towards better financial transparency.
• Exploring several potential strategic opportunities to enhance shareholder value.

Negative

• Termination of the license agreement with Ms. Chiang may limit potential revenue from the Puriblood technology.

SAN DIEGO, CA / ACCESSWIRE / July 27, 2022 / Plandai Biotechnology, Inc. ("Plandai" or the "Company") announces the termination of its non-binding letter of intent dated May 23, 2022, with Ms. Jessie Chiang, license holder of the worldwide rights, exclusive of Taiwan, of the Puriblood Leukocyte Reduction Blood Filtration System. As previously discussed in the Company's May 23, 2022, press release, the Company and Ms. Chiang intended to complete due diligence to reach a material definitive agreement whereby Ms. Chiang, through entities she controls, would license to the Company the exclusive rights to the Puriblood technology for North, Central, and South America for a period of 30 years. Upon closing of the proposed transaction, Ms. Chiang would have acquired a controlling interest in the Company and would have become the Company's Director, President, and Chief Executive Officer.

Plandai is continuing its evaluation of several potential strategic opportunities to bring value to its shareholders. On June 20, 2022, the Company engaged Hudgens, CPAs to conduct an independent audit of its financial statements for the years ended June 30, 2022 and 2021. The Company intends to file a registration statement upon completion.

Contact

plandai@protonmail.com

SOURCE: Plandai Biotechnology

View source version on accesswire.com:
https://www.accesswire.com/709856/Plandai-Biotechnology-Inc-Announces-Termination-of-Non-Binding-Letter-of-Intent

FAQ

What happened with Plandai Biotechnology's agreement with Jessie Chiang?

Plandai terminated its non-binding letter of intent with Jessie Chiang regarding the licensing of the Puriblood system.

What is the current status of Plandai Biotechnology's financial audit?

The company has engaged Hudgens, CPAs for an independent audit of its financial statements for the years ended June 30, 2022 and 2021.

How will the termination of the agreement affect Plandai's future?

The termination may limit revenue opportunities from the Puriblood technology, but the company is seeking new strategic options to enhance shareholder value.

When did Plandai announce the termination of the agreement?

The termination was announced on July 27, 2022.

What are the plans for a registration statement after the audit?

Plandai intends to file a registration statement upon completion of the independent financial audit.