Protect Pharmaceutical Corp. (PRTT) Completes Merger with KARINCA
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Protect Pharmaceutical Corp. Finalizes Merger with KARINCA Logistics
Protect Pharmaceutical Corp. (OTC: PRTT) recently announced the successful finalization of its merger with KARINCA Logistics, marking a significant milestone for the Company. This merger is anticipated to enhance the operational capabilities of PRTT, allowing the Company to leverage KARINCA's extensive logistics network and expertise.
The Strategic Value of the Merger
PRTT’s management believes that the merger with KARINCA Logistics will significantly contribute to the overall performance and value of the Company. The acquisition injects a talented pool of logistics professionals who are dedicated to the successful integration of the combined operations. With a well-established network of operations and valuable routes, KARINCA opens new sales opportunities across Europe and Asia for PRTT.
Additional Preferred Shares Issued
To facilitate the merger process, Protect Pharmaceutical Corp. issued 1,000,000 additional Preferred Shares, which possess unique voting rights comparable to 100 common shares. Importantly, this action did not lead to any dilution of common shares, thus maintaining the equity levels for existing shareholders.
Focus on PCAOB Audit and SEC Reporting
Ozgur Ozcan, the CEO of PRTT, expressed optimism regarding the merger's completion, stating that the Company's current focus is now on finalizing the PCAOB audit. The successful audit will pave the way for PRTT to file a FORM 10 registration statement, allowing the Company to resume reporting to the SEC as it prepares to uplist to a recognized exchange. This strategic move is a primary goal for the Company moving forward.
Anticipated Benefits of the Merger
The consolidation of Atlantic Logistics and KARINCA Logistics is poised to generate new revenue streams and drive profitability for Protect Pharmaceutical Corp. throughout the upcoming fiscal periods. By integrating their services, the Company expects to enhance operational efficiencies and expand its market presence further.
About Atlantic Logistics
Atlantic Logistics is committed to providing innovative services that equip customers and partners with advanced technology and commercial intelligence. The Company focuses on evolving its systems to meet the changing logistics demands of its clients. Utilizing robust technology solutions, Atlantic Logistics excels in inventory tracking, customs compliance, and global shipment tracking.
About KARINCA Logistics
KARINCA Logistics stands as a foremost logistics provider in Turkey, specializing in international transportation, domestic logistics, customs clearance, and energy project logistics. The Company's management is dedicated to continually seeking the most advanced solutions and innovations in logistics to achieve peak customer satisfaction. Through integrated service offerings across land, sea, and air, KARINCA Logistics is positioned to meet diverse logistic demands effectively.
Frequently Asked Questions
What is the significance of the merger between PRTT and KARINCA Logistics?
The merger is expected to enhance PRTT's operational capabilities and expand its market reach in Europe and Asia, leveraging KARINCA's established logistics network.
How does the merger affect Protect Pharmaceutical Corp.'s shareholders?
The issuance of additional Preferred Shares for the merger did not dilute common shares, preserving share value for existing shareholders while facilitating the transaction.
What are the immediate goals for PRTT following the merger?
Immediately following the merger, PRTT is prioritizing the completion of its PCAOB audit to enable SEC reporting and potential uplisting on a recognized exchange.
What impact is expected from the merger on future revenues?
The merger is anticipated to create new revenue streams and profitability opportunities for PRTT, driving overall financial growth throughout the fiscal year.
How does Atlantic Logistics contribute to the merger?
Atlantic Logistics brings innovative logistics solutions and technological advancements that will enhance operational efficiencies in the merged entity, benefiting the overall service offerings.
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