PRTT status update announcement.

Rhea-AI Summary

Protect Pharmaceutical Corporation (OTC:PRTT) has terminated its Share Exchange Agreement due to insufficient legal instruments for conducting transactions in Belarus, as announced on December 12, 2022. The agreement, signed on June 15, 2022, was not executed, with obligations remaining unfulfilled as of December 6, 2022, with no claims against either party. Financial statements for the second and third quarters of 2022 have been adjusted, reflecting the absence of new assets and liabilities. The company specializes in software development and related consulting services across various sectors.

Positive

• N/A

Negative

• Termination of the Share Exchange Agreement, indicating a failure to secure international transaction capabilities.
• No new assets or liabilities were established, indicating stagnation in business development.

Cheyenne, Wyoming, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Protect Pharmaceutical Corporation, Inc. (OTC:PRTT) informs, that the Share Exchange Agreement №1, signed on June 15, 2022 was not executed due to the insufficiency of legal instruments on the territory of the Republic of Belarus for conducting such transactions, and terminated on December 6, 2022.

The absence of an established agreement between the US and Belarus depositories and the lack of a legal basis for conducting transactions on the international exchange of securities caused the inability to perform the obligations.

According to par. 2.2-2.4 of the Agreement, the Parties shall had executed all legal obligations within 60 working days from the date of execution of the Agreement. As per September 6th, 2022 the obligations were not executed, and Parties agreed to extend the period for three more months.

As per December 6, 2022 the obligations were not executed, and the Parties mutually agreed to terminate the Agreement.

None of the terms of Agreement have been fulfilled by any of the Parties. The Parties have no claims against each other.

PRTT has prepared adjusted financial statements for the period of 2 and 3 quarters of 2022, taking into account the absence of any new assets and liabilities, based on the terms of termination of the Agreement.

About PRTT

Protect Pharmaceutical Corporation is a full-cycle software development and delivery company that produces, releases, and supports digital products for the business-to-business and business-to-consumer markets. The company’s expertise lies in custom software development and consulting services in Business automation, Artificial Intelligence, Machine Learning, Data Science, Big Data, Image recognition, Blockchain development, and cloud services. Its domain focus includes Supply chain, Logistics, Healthcare, Finance, Real estate, Legal, Insurance, Advertising, and more.

For more information contact:
Protect Pharmaceutical Corporation, Inc.
(347) 692 8942
business@inaiapp.com

FAQ

What happened to Protect Pharmaceutical Corporation's Share Exchange Agreement?

The Share Exchange Agreement was terminated on December 6, 2022, due to insufficient legal instruments in Belarus for such transactions.

Why was the Share Exchange Agreement not executed?

The agreement could not be executed because of the absence of an established legal basis for conducting international securities transactions.

What financial adjustments were made by PRTT?

PRTT adjusted its financial statements for the second and third quarters of 2022, reflecting no new assets or liabilities following the termination of the agreement.

What sectors does Protect Pharmaceutical Corporation focus on?

The company focuses on various sectors including Business automation, Artificial Intelligence, Healthcare, Finance, and more.

What is the stock symbol for Protect Pharmaceutical Corporation?

The stock symbol for Protect Pharmaceutical Corporation is PRTT.