|RAFA .30 News|
Rafarma Announces the Cancellation of All Outstanding Preferred A Shares, Removing Obstacles to Further Growth
Ljubljana, Slovenia, Sept. 03, 2019 (GLOBE NEWSWIRE) -- RAFARMA PHARMACEUTICALS INC. “OTC:(RAFA)” - Rafarma Pharmaceuticals, Inc. announces the cancellation of all outstanding Preferred Class A shares. On August 28th, 2019, The company’s Board of Directors unanimously voted to cancel the 30,000,000 previously-issued Class A Preferred Shares. The shares were cancelled and returned to treasury to remedy an unfulfilled asset pledge from several years ago. The company’s CEO Vladimir Dolgolenko stated that the restructure of shares will better position the company to accomplish current goals for possible mergers and acquisitions with certain European and Asian companies. Rafarma is poised and ready to embrace the incredible new expanding markets in Eastern Europe and South East Asia, and Thailand in particular, Mr. Dolgolenko says. Rafarma intends to expand into the southeast Asian markets where recent and future regulation laws have been or are expected to become more relaxed towards CBD and marijuana. Management believes Rafarma can be at the forefront of this relatively untouched area and ride the upswing in this burgeoning market. Mr. Dolgolenko stated "estimates for the cannabis industry in Asia are expected to grow to 8.5 billion by 2024. Rafarma is already in position, and with proper execution Rafarma will be able to capture a substantial share of the market in Asia.
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:
Source: RAFARMA PHARMACEUTICALS INC
© 2019 GlobeNewswire, Inc.