Biopharm Asia Announces Status of Restatement of Financial Reports and Its Intention to File Form 10 to Commence Filing SEC R...
April 03 2012 - 9:00AM
Marketwired
Biopharm Asia, Inc. (PINKSHEETS: BFAR) announced a status update
regarding restated financial results of 2008, 2009 and 2010. As the
restatement process is not yet complete, the Company delayed in
filing its 10-K, which was due on March 31, 2012, for the fiscal
year ending on December 31, 2011. The Board of Directors made the
restatement process a critical priority; management retained
additional accounting staff to work with the Company's outside
consultant and auditor to complete the requisite bookkeeping and
associated statement preparation. However, the Company has not set
a timetable for completion of this evaluation process and there can
be no assurances that this review will result in any action.
The Company's shares are presently listed on the Pink Sheets
segment. Although no longer required by the SEC, the Company
intends to file the Form 10 and the accompanying audited financial
statements after completion of the audits for the fiscal year ended
December 31, 2011 and restatement of previous three years.
Additionally, the Company intends to submit a Form 2-11 with a
Market Maker for the purpose of sponsoring its quotation on the
Financial Industry Regulatory Authority (FINRA) - OTC Markets QB
(OTCQB). The Company intends to file its Form 2-11 after the filing
of the Form 10. Upon receipt of comments from FINRA, and submission
of the Company's responses, FINRA may include the Company's symbol
for quotation on the OTCQB. There can be no assurance, however,
that the Company will be successful in obtaining the approval from
FINRA and be able to trade on the OTC Markets.
About Biopharm Asia, Inc.
Biopharm Asia, Inc. is engaged in the retail sale of medical
services and products in China, complemented by vertically
integrated supporting functions that include the cultivation of
Chinese herbal medicines, pharmaceutical production and wholesale
medicine distribution.
Specialty Hospital
Offers a full range of specialty services to increasingly
health-conscious urban customers
Hospital Management
High-quality management expert resources to provide professional
medical management solutions for hospitals and other medical
agencies.
Retail
Utilizing its resource advantages, logistic center and
commercial whole sale arm, BFAR expects to effectively integrate
the local private drugstores and chain pharmacies and rapidly
extend to nationwide.
Production
Equipped with modernized high technology and approved by the
Nation's GMP, over 30 products are distributed nationwide.
Cultivation
Providing seed resource for the Company's herbal production as
well as favorable fiscal financing support and tax rate from
government.
Forward-Looking Statements:
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements include, without
limitation, statements regarding our future results of operations,
financial condition and business prospects. In some cases, you can
identify forward-looking statements by terminology such as "may",
"will", "should", "expect", "intend", "plan", "anticipate",
"believe", "estimate", "predict", "potential", "continue" or the
negative of these terms or other comparable terminology. Although
such statements are based on our own information and information
from other sources we believe to be reliable, you should not place
undue reliance on them. These statements involve risks and
uncertainties, and actual market trends or our actual results of
operations, financial condition or business prospects may differ
materially from those expressed or implied in these forward-looking
statements for a variety of reasons. Potential risks and
uncertainties include, but are not limited to: the Company intends
to file the Form 10 and accompanying audited financial statement.
For additional discussion of these risks and uncertainties and
other factors, please see the documents we file from time to time
with the Securities and Exchange Commission. We assume no
obligation to update any forward-looking statements, which apply
only as of the date of this press release.
Contact: Gloria Fang (86) 135-3407-3970 Email Contact