Protect Pharmaceutical Corp. Issues Corporate Update
Protect Pharmaceutical Corp. (OTC: PRTT) is nearing the completion of its PCAOB audit for fiscal year 2023, with only a few pending items in Turkey. The company plans to file a Form 10 and apply for an uplist upon audit completion. Additionally, the company plans a corporate name and symbol change to Atlantic Logistics. Protect Pharmaceutical is also finalizing a merger with Karinca Logistics, a major Turkish logistics company. This merger is expected to increase revenues by 2.5 times, surpassing $250 million, and significantly boost profitability. The merger will reintroduce profitable transit routes halted due to geopolitical issues and open new opportunities in Asia. This strategic move aims to expand the company's reach, storage, and transit capacities, positioning it as a global logistics leader.
- PCAOB audit for fiscal year 2023 near completion.
- Form 10 filing and uplist application planned post-audit.
- Corporate name and symbol change to Atlantic Logistics.
- Merger with Karinca Logistics expected to increase revenues by 2.5 times, exceeding $250 million.
- Significant boost in profitability expected from the merger.
- Reintroduction of profitable transit routes halted due to geopolitical issues.
- Expansion into new opportunities throughout Asia.
- Increased reach, storage, and transit capacity.
- Pending audit items might cause delays.
- Merger negotiations described as long and difficult, with minor details still pending.
ANKARA, Turkey, July 01, 2024 (GLOBE NEWSWIRE) -- Protect Pharmaceutical Corp.'s (OTC: PRTT) (“Company”) President, Ali Yildiz, provides its shareholders with the following informational update:
"July 1, 2024
Dear Shareholders:
The Company’s PCAOB audit for the fiscal year of 2023 is near completion. We have a few items remaining that are required to be completed by the local jurisdiction of the company in Turkey. We expect those items to be resolved in the coming days and should receive our audit report promptly. The completion of the audit and subsequent filing of a form 10 is the main priority of the Company. Upon Completion of the audit and Form 10 the Company will apply for an uplist to an exchange. As previously reported, Management will move forward with a corporate name change to Atlantic Logistics, and a symbol change.
The Company has also been involved in negotiations with a potential merger/acquisition with one of the major Turkish logistics companies, Karinca Logistics - https://www.karincalogistics.com These long and rather difficult negotiations have resolved that Protect Pharmaceutical Corp. (Atlantic Logistics) and Karinca Logistics will merge together pending the last few minor details. This merger/acquisition will bring two very strong companies together. It is expected that this merger/acquisition will be finalized and included in the financials for the 2024 fiscal year.
The upcoming merger or acquisition will not only increase the reach of the Company and ensure future growth but is expected to increase revenues by at least 2.5 times, bringing in total revenue above 250 million. Profitability is also expected to increase substantially. The transaction will also make it possible to reintroduce some of the most profitable transit routes that were halted due to geopolitical restrictions in Turkey. Additionally, this acquisition/merger will open new opportunities throughout Asia. The Company feels this expansion will not only increase revenues and profits but also open new doors to opportunities that will allow us to become the global logistics company we are striving to be. This will greatly expand our reach and global presence. It will increase our overall routes, storage capacity and transit capacity substantially.
We will continue to update shareholders on the progress of the merger/acquisition, and we will also update shareholders regarding the final items on the PCAOB audit.
The Company appreciates all our shareholders’ loyalty and patience. We are certain at the end, all the wait is going to be worth our shareholders’ time.
With warmest regards,
Ali Yildiz
President"
About Atlantic Logistics:
At Atlantic Logistics we strive to provide innovation in service. We strive to provide a business model that gives our customers and partners the technology and commercial intelligence to support creative ideas. Our team is dedicated to keeping our systems on the cutting edge and constantly evolving our business to serve our clients better. We use robust technology to track inventories, manage customs compliance, and track shipments worldwide. Atlantic Logistics is the answer to any logistics needs you have. We transport products via land, air, and sea using trucks, ships, rail, and air. We are rapidly growing into a worldwide logistics company and now have services across Europe, Asia, South America, and Central America - https://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.
Ali Yildiz +90 (531) 452 82 27
Info@atlantic-logistics.net
https://www.atlantic-logistics.net/
FAQ
What is the current status of Protect Pharmaceutical Corp.'s PCAOB audit for 2023?
When will Protect Pharmaceutical Corp. file its Form 10?
What changes are planned for Protect Pharmaceutical Corp. after the audit?
Who is Protect Pharmaceutical Corp. merging with?
How will the merger with Karinca Logistics affect Protect Pharmaceutical Corp.'s revenues?
What new opportunities will arise from the merger with Karinca Logistics?
What is the expected impact on profitability from the merger with Karinca Logistics?
