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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.