Protect Pharmaceutical Corp. Announces that KARINCA Logistics Merger Will Not Proceed
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.
Protect Pharmaceutical Corp. (OTC: PRTT) ha annunciato che la fusione precedentemente riportata con KARINCA Logistics non procederà. L'annuncio fatto il 28 agosto 2024 riguardo alla fusione deve essere ignorato. Un'imprevista questione aziendale è emersa durante il processo finale di due diligence alla chiusura, portando alla cessazione dell'accordo. Nessuna azione o scambio monetario ha avuto luogo tra le parti. La direzione dell'azienda afferma che i piani attuali non coinvolgono KARINCA Logistics e continueranno a tenere aggiornati gli azionisti sui progressi futuri. Inoltre, il Direttore George Athanasiadis si è dimesso dal consiglio di amministrazione.
Protect Pharmaceutical Corp. (OTC: PRTT) ha anunciado que su fusión previamente reportada con KARINCA Logistics no se llevará a cabo. El anuncio realizado el 28 de agosto de 2024 sobre la fusión debe ser desestimado. Un problema empresarial imprevisto surgió durante el proceso final de debida diligencia en el cierre, lo que llevó a la terminación del acuerdo. No se realizó intercambio de acciones ni monetario entre las partes. La dirección de la empresa afirma que los planes actuales no involucran a KARINCA Logistics y continuarán informando a los accionistas sobre los avances futuros. Además, el Director George Athanasiadis ha renunciado a la junta directiva.
Protect Pharmaceutical Corp. (OTC: PRTT)는 이전에 보고된 KARINCA Logistics와의 합병이 진행되지 않음을 발표했습니다. 2024년 8월 28일에 이루어진 합병에 대한 발표는 무시해야 합니다. 예상치 못한 비즈니스 문제가 마감 시 최종 실사 과정 중에 발생하여 거래가 종료되었습니다. 당사자 간에 주식이나 금전적 교환이 이루어지지 않았습니다. 회사 경영진은 현재 계획이 KARINCA Logistics와 관련되지 않으며 향후 진행 상황에 대해 주주들에게 계속 업데이트할 것이라고 밝혔습니다. 또한, 이사회 이사인 George Athanasiadis가 사임했습니다.
Protect Pharmaceutical Corp. (OTC: PRTT) a annoncé que sa fusion précédemment signalée avec KARINCA Logistics ne se poursuivra pas. L'annonce faite le 28 août 2024 concernant la fusion doit être ignorée. Un problème commercial imprévu est survenu pendant le processus final de diligence raisonnable lors de la clôture, ce qui a conduit à l'annulation de l'accord. Aucun échange d'actions ou monétaire n'a eu lieu entre les parties. La direction de l'entreprise déclare que les plans actuels n'impliquent pas KARINCA Logistics et qu'ils continueront à tenir les actionnaires informés des futurs progrès. De plus, le Directeur George Athanasiadis a démissionné du conseil d'administration.
Protect Pharmaceutical Corp. (OTC: PRTT) hat angekündigt, dass die zuvor gemeldete Fusion mit KARINCA Logistics nicht stattfinden wird. Die am 28. August 2024 getätigte Ankündigung bezüglich der Fusion sollte ignoriert werden. Ein unvorhergesehenes Geschäftsproblem trat im letzten Prüfungsprozess am Closing auf, was zur Beendigung des Deals führte. Es fand kein Austausch von Aktien oder Geld zwischen den Parteien statt. Das Management des Unternehmens erklärt, dass die aktuellen Pläne KARINCA Logistics nicht einbeziehen und dass sie die Aktionäre weiterhin über zukünftige Fortschritte informieren werden. Darüber hinaus hat Direktor George Athanasiadis aus dem Vorstand zurückgetreten.
- No shares or monetary exchange occurred, preserving company resources
- Management avoided potential risks by identifying issues during due diligence
- 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?
Was there any financial exchange between PRTT and KARINCA Logistics for the attempted merger?
What changes occurred in Protect Pharmaceutical Corp's (PRTT) board of directors following the failed merger?
Will Protect Pharmaceutical Corp (PRTT) pursue future plans with KARINCA Logistics?
