Protect Pharmaceutical Corp. Announces that KARINCA Logistics Merger Will Not Proceed

Rhea-AI Summary

Protect Pharmaceutical Corp. (OTC: PRTT) has announced that its previously reported merger with KARINCA Logistics will not proceed. The announcement made on August 28, 2024, regarding the merger should be disregarded. An unforeseen business issue emerged during the final due diligence process at closing, leading to the termination of the deal. No shares or monetary exchange took place between the parties. The company's management states that current plans do not involve KARINCA Logistics, and they will continue to update shareholders on future progress. Additionally, Director George Athanasiadis has resigned from the board of directors.

Positive

• No shares or monetary exchange occurred, preserving company resources
• Management avoided potential risks by identifying issues during due diligence

Negative

• Merger with KARINCA Logistics terminated, potentially losing strategic opportunities
• Director George Athanasiadis resigned from the board, possibly indicating internal issues
• Unforeseen business issue discovered during due diligence, suggesting potential oversight in initial merger planning

ANKARA, Turkey, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Protect Pharmaceutical Corp. (OTC: PRTT) (“Company”) and Atlantic Logistics announce there will be no merger with KARINCA Logistics. The previous announcement on August 28, 2024, on the merger between KARINCA Logistics and PRTT should not be relied upon.

During final due diligence at closing, an unforeseeable business issue arose, and Management did not issue shares or any other form of monetary exchange.

Management will continue to update shareholders on the progress of the Company and its future. Currently, those plans do not involve KARINCA Logistics.

Additionally, Director George Athanasiadis has resigned from the board of directors.

About Atlantic Logistics:

Atlantic Logistics strives to provide innovation in service, a business model that gives customers and partners the technology and commercial intelligence to support creative ideas. The team remains dedicated to keeping the Company’s systems on the cutting edge and constantly evolving business to serve our clients better. Atlantic Logistics uses robust technology to track inventories, manage customs compliance, and track shipments worldwide. Atlantic Logistics is the answer to any logistics needs you might have. Atlantic Logistics transports products via land, air, and sea using trucks, ships, rail, and air, rapidly growing into a worldwide logistics company with services across Europe, Asia, South America, and Central America - www.atlantic-logistics.net.

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.
George Athanasiadis +90 (531) 452 82 27
Info@atlantic-logistics.net
www.atlantic-logistics.net

FAQ

Why did the merger between Protect Pharmaceutical Corp (PRTT) and KARINCA Logistics fail?

The merger failed due to an unforeseen business issue discovered during the final due diligence process at closing. As a result, Protect Pharmaceutical Corp (PRTT) decided not to proceed with the merger.

Was there any financial exchange between PRTT and KARINCA Logistics for the attempted merger?

No, there was no financial exchange. The company's management did not issue any shares or any other form of monetary exchange to KARINCA Logistics.

What changes occurred in Protect Pharmaceutical Corp's (PRTT) board of directors following the failed merger?

Following the announcement of the failed merger, Director George Athanasiadis resigned from Protect Pharmaceutical Corp's (PRTT) board of directors.

Will Protect Pharmaceutical Corp (PRTT) pursue future plans with KARINCA Logistics?

No, according to the announcement, Protect Pharmaceutical Corp's (PRTT) current plans do not involve KARINCA Logistics.