POSTD Merchant Banque Announces Shareholder Update

Rhea-AI Summary

POSTD Merchant Banque (OTC: PMBY) announces updates regarding its corporate governance and financial reporting. Recently, the company hired CPA Firm PlS CPA for accounting services but failed to retrieve the necessary work by the OTCM deadline. On September 29, 2021, they discovered that PlS CPA had past enforcement actions with the SEC for audit failures. Consequently, PMBY has engaged CPA Robert Hymers III and Brannelly Law PLLC to fulfill its financial reporting obligations and seeks to recover fees from the previous firm for non-performance.

Positive

• Engaged new CPA firm and legal advisors to fulfill financial reporting obligations.
• Plans to recover funds from previous accounting firm for non-performance.

Negative

• Previous CPA firm failed to meet OTCM deadline for financial reporting.
• Previous firm had enforcement actions with the SEC for audit failures.

LOS ANGELES, Oct. 07, 2021 (GLOBE NEWSWIRE) -- POSTD Merchant Banque (OTC: PMBY) (“the Company ''), is pleased to announce corporate updates for its shareholders and other interested parties.

OTC Markets Pink Current Status

The company retained CPA Firm PlS CPA on July 21, 2021 to provide the company with bookkeeping, accounting, and financial reporting advisory services. PMBY was not successful in retrieving any of the work product that was to be completed by the firm by OTCM deadline in order to complete its recently filed current financial information and disclosure statements. The company was made aware on or about September 29th 2021 that the Firm and three of its members had previously settled enforcement actions with the Securities and Exchange Commission on July 9th 2021 for Audit Failures.

Subsequently, the company has retained CPA Robert Hymers III and Securities Firm Brannelly Law PLLC in order to complete its OTCM current financial information and other company disclosure requirements. The company will also attempt to recoup any monies paid to the previous accounting firm under the previous agreement for non-performance.

About POSTD Merchant Banque

POSTD Merchant Banque (PM Banque) is a duly registered non-depository financial institution that offers clients access to growth capital in the private markets through institutional debt or equity, far beyond what traditional banks can and will provide. Combining global reach with personal, bespoke service, we provide our clients with comprehensive corporate finance advisory services tailored to fit to your needs.  

The company website can be found at: www.postdmerchantbanque.com.

For more information please contact:

inquiries@postdmerchantbanque.com

(860) 822-5794

Safe Harbor Statement
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.

Source: https://www.sec.gov/enforce/34-92361-s

FAQ

What is the latest news on POSTD Merchant Banque (PMBY)?

POSTD Merchant Banque announced recent updates regarding its financial reporting and governance, including changes in CPA firms.

Why did PMBY change its CPA firm?

PMBY changed its CPA firm due to the previous firm's failure to meet deadlines and past enforcement actions with the SEC.

What issues did POSTD Merchant Banque face with its previous CPA firm?

The previous CPA firm was unable to deliver the necessary financial reports by the OTCM deadline and had settled enforcement actions with the SEC.

What steps is PMBY taking to improve its financial reporting?

PMBY has engaged new CPA Robert Hymers III and Brannelly Law PLLC to complete its financial reporting requirements.