Plandai Biotechnology, Inc. Files 10-K/A to Include Re-Audited Financial Statements For Prior Two Years
May 01 2014 - 9:00AM
Marketwired
Plandai Biotechnology, Inc. Files 10-K/A to Include Re-Audited
Financial Statements For Prior Two Years
Company Reports No Changes to Financial Statements Following
Extensive Site Visit to South Africa by the New Independent
Auditor
SEATTLE, WA--(Marketwired - May 1, 2014) - Plandaí
Biotechnology, Inc. (OTCQB: PLPL), a producer of highly
bioavailable plant extracts for industries including health,
wellness, nutraceutical, and pharmaceutical, today announced that
on April 29, 2014, the Company filed an amended Form 10-K, which
includes the re-audited financial statements for the fiscal years
ended June 30, 2012 and 2013. The Company voluntarily elected to
re-audit the prior two years in response to the Public Company
Accounting Oversight Board ("PCAOB") revocation of the registration
of the Company's prior auditor, Patrick Rodgers, CPA. This
revocation did not result from any work performed by Mr. Rogers on
behalf of Plandaí. On January 22, 2014, Plandaí accepted the
resignation of Patrick Rodgers from his engagement to be the
independent certifying accountant and appointed Terry L. Johnson,
CPA, as the Company's independent accountant.
As part of the re-audit, Mr. Johnson travelled to South Africa
where he toured the Company's Senteeko tea estate, met with
management, and was able to inspect the recently completed factory
where Plandaí will shortly commence producing its Phytofare™
Catechin Complex. Favorable weather permitted Mr. Johnson to also
take an airplane tour of the property where he was better able to
appreciate the size the project and the amount of green tea which
has been rejuvenated and prepared for harvest.
The re-audit did not result in any changes to the Company's
previously filed financial statements for either year. The amended
Form 10-K/A included Mr. Johnson's audit opinions as the only
material change.
Plandaí Chairman and Chief Executive Officer Roger Duffield
commented, "Based on the recommendation of the Securities and
Exchange Commission, we elected to have the prior two years
re-audited by our new independent accountant in order to assure our
shareholders that our financial statements can be relied upon. We
appreciate that, with the majority of our operations and assets in
South African, U.S. investors are naturally more cautious with
respect to Plandaí, and so we take great care to ensure our filings
are timely and accurate. We felt that this step, including an
extensive site visit by our new auditor, was the best way to bring
an added level of comfort following our change in auditors."
Plandaí's first product to market will be Phytofare™ Catechin
Complex, which includes the entire catechin profile derived from
live green tea that is grown and processed on the Company's 8,000
acre Senteeko estate in South Africa. Sales are expected to
commence this summer following the factory commissioning and the
conclusion on ongoing clinical trials.
About Plandaí Biotechnology, Inc.
Plandaí Biotechnology, Inc. and its subsidiaries develop highly
bioavailable, phytonutrient rich extracts which are being utilized
to deliver a new family of drugs to safely and affordably treat a
multitude of diseases and conditions. Plandaí Biotechnology
controls every aspect of the process, from growing the raw
materials on its farms in South Africa, to producing its patented
Phytofare™ extracts in-house, allowing the Company to guarantee the
continuity of supply as well as quality control throughout the
entire process. Targeted industries for the Company's products
include beverage, cosmeceutical, wellness, nutraceutical,
anti-aging, and pharmaceutical. For more information, please visit
http://www.plandaibiotech.com.
Safe Harbor Statement
The information provided may contain forward-looking statements
and involve risks and uncertainties. Results, events and
performances could vary from those contemplated. These statements
involve risks and uncertainties which may cause actual results,
expressed or implied, to differ from predicted outcomes. Risks and
uncertainties include product demand, market competition, and
Plandaí's ability to meet current or future plans. Investors should
study and understand all risks before making an investment
decision. Readers are recommended not to place undue reliance on
forward-looking statements or information. Plandaí is not obliged
to publicly release revisions to any forward-looking statement, to
reflect events or circumstances afterward, or to disclose
unanticipated occurrences, except as required under applicable
laws.
Contact: Andrew Beyer Phone: 888-627-6902
Email: investor@Plandaíbiotech.com
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