Protect Pharmaceutical's Agrees to be Acquired by Novgorod Group
09/15/2020 | 09:15am EST
Sevnica, Slovenia, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Protect Pharmaceutical Corp“OTC:(PRTT)” is pleased to announce its agreement to be acquired OOO Novgorod Group (“Novgorod” - see http://nowgorodprodukt.ru) which specializes in the production and sale of sugar, flour, cereals and other groceries. Actively successful in the Russian food market for over 15 years, Novgorod operates with such retail giants as AO Tander (Magnit), X5 Retail Group, OOO Lenta, AO Dixy South and others. Novgorod showed 9.7 Billion (RUB) (US $128,913,000 as of release) in revenues for 2019. Second quarter 2020 revenues were 3.7 (RUB) (US $49,173,000.00 as of release).
Under the agreed terms, Novgorod will acquire control of Protect Pharmaceutical Corp upon completion of the transition of Novgorod’s reporting to GAAP accounting standards. Protect Pharmaceutical Corp will continue to operate as a public company and the eventual resulting combined company will continue to trade under the symbol PRTT.
Protect Pharmaceutical Corp and Novgorod foresee incredible synergies from the transaction. Novgorod intends to use Protect Pharmaceutical products for its own production and Protect Pharmaceutical Corp will harness the market power of Novgorod as an incredible opportunity for expansion.
“This is an amazing milestone for Protect Pharmaceutical. We have been searching for the right partner to expand and grow and in Novgorod we have found it,” states Angela Savcenco, Director of European Operations.
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.