Letter to Shareholders from the Chairman of the Board Ilya Shpurov

Rhea-AI Summary

Rafarma Pharmaceuticals, Inc. (OTC: RAFA) provided a shareholder update on August 10, 2021, highlighting the ongoing audit process as they aim to file Form 10 with the SEC. The audit, which includes assets mainly located in Russia, is crucial for achieving SEC reporting status. Chairman Ilya Shpurov expressed confidence in completing the audit within 6-8 weeks, stating it involves consolidating reports from several large companies. The company has also signed agreements to develop new drugs for behavioral disorders, with further announcements expected soon.

Positive

• Confident expectation to complete the audit within 6-8 weeks.
• New agreements signed for drug development in behavioral disorders.

Negative

• Audit challenges have delayed the timeline for SEC reporting.
• Significant portion of assets located in Russia may complicate auditing process.

Nicosia, Cyprus, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Rafarma Pharmaceuticals, Inc. OTC: (RAFA) shares the following letter to shareholders from Chairman of the Board Ilya Shpurov:

“It is my pleasure to provide the following update on the exciting future and status of Rafarma's audit.

The company intends to file Form a 10 with the SEC to initiate SEC reporting status. In order for this to happen, we must complete our previously announced audit. The audit has challenges which have affected the timeline.

A significant number of the company's industrial assets are located in Russia, where the deadline for submitting the annual reports of public companies according to the international standard is July 15th. We have to audit them and convert them to GAAP, which is happening right now. We are currently working with several audit firms including Soldinger & Associates to obtain a PCAOB audit of the financial performance of Rafarma Pharmaceuticals Inc. in accordance with GAAP.

As a CEO, I have been involved in many transactions around the world and understand the concerns of shareholders about a company's assets. We have not previously conducted a PCAOB audit for any of our companies, and we are working through the learning curve with a goal of maximum transparency.

However, I feel confident that we are close to completing the audit. We expect its completion in the next 6-8 weeks. This audit includes consolidated reports from several large companies in various jurisdictions. This was a very big undertaking for our company and we are delighted to complete this process and move on to the next steps in our plans for the company.

I am also pleased to announce that the company recently signed a number of agreements to develop new drugs in the treatment of behavioral disorders, which will be announced later.”

Forward-looking statements:

This press release contains “forward-looking statements” within the meaning of section 21E of the Securities Act of 1934. Except for the historical issues contained in this document, the statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “before”, “plan”, “expect”, “believe”, “expect”, “intend”, “could”, “would like” , “Rate” or “continue,” or negative other variations or comparable terminology, are intended to identify forward-looking statements. Forward-looking statements include known and unknown risks, uncertainties and other factors that could cause our actual results, results of operations or achievements to differ materially from any future results, results of activities or achievements, expressed or implied in forward-looking statements. In addition, forward-looking statements reflect the beliefs and assumptions of our management only as of the date of this Document. Additional information on factors that could cause actual results to differ materially from these forward-looking statements is available in the Company's OTC market filings. Except as required by law, we do not undertake any obligation to publicly update these forward-looking statements or to update the reasons why actual results may differ materially from those expected in these forward-looking statements, even if new information becomes available in the future. Forward-looking statements reflect the beliefs and assumptions of our management only as of the date of this Document. Additional information on factors that could cause actual results to differ materially from these forward-looking statements is available in the Company's OTC market filings. Except as required by law, we do not undertake any obligation to publicly update these forward-looking statements or to update the reasons why actual results may differ materially from those expected in these forward-looking statements, even if new information becomes available in the future. Forward-looking statements reflect the beliefs and assumptions of our management only as of the date of this Document. Additional information on factors that could cause actual results to differ materially from these forward-looking statements is available in the Company's OTC market filings. Except as required by law, we do not undertake any obligation to publicly update these forward-looking statements or to update the reasons why actual results may differ materially from those expected in these forward-looking statements, even if new information becomes available in the future. which could cause actual results to differ materially from these forward-looking statements are available in the Company's OTC market filings. Except as required by law, we do not undertake any obligation to publicly update these forward-looking statements or to update the reasons why actual results may differ materially from those expected in these forward-looking statements, even if new information becomes available in the future. which could cause actual results to differ materially from these forward-looking statements are available in the Company's OTC market filings. Except as required by law, we do not undertake any obligation to publicly update these forward-looking statements or to update the reasons why actual results may differ materially from those expected in these forward-looking statements, even if new information becomes available in the future.

For more information contact:

RAFARMA

(307) 429-2029

FAQ

What is the status of the audit for Rafarma Pharmaceuticals (RAFA)?

Rafarma Pharmaceuticals is currently conducting an audit expected to be completed within 6-8 weeks to file Form 10 with the SEC.

What new developments has Rafarma Pharmaceuticals (RAFA) announced?

The company has signed agreements to develop new drugs targeting behavioral disorders.

When does Rafarma Pharmaceuticals (RAFA) expect to file Form 10 with the SEC?

They expect to file Form 10 after the completion of their audit, which is anticipated within 6-8 weeks.