Previously Issued Convertible Notes Now in Friendly Shareholder Hands
LONDON, UNITED KINGDOM, April 12, 2018 (GLOBE NEWSWIRE) -- Plandai Biotechnology Inc. (OTC Markets: PLPL) (the “Company” or “Plandai”), a producer of nutraceutical and highly phyto-available extracts, is pleased to provide an update on the status of previously issued convertible notes.
Over the past several months, management has been actively pursuing the resolution of various outstanding convertible notes. Because of these efforts, most of the convertible notes are cancelled or now held by friendly shareholders of the company. The conversion of the balance of these notes could have resulted in material dilution to the Company’s shareholders and potentially a significant decrease in the price of the common stock.
Callum Cottrell-Duffield, Chief Operating Officer of Plandai, commented, “One of our biggest objectives has been the restructuring of our debt. To this end, we have been working tirelessly behind the scenes to minimize our operating expenses, so we can avoid taking on new debt while simultaneously looking for a partner to assist in the cleanup of our financial situation as we look to become SEC compliant and fully-reporting in 2018. Having now restructured the majority of our convertible debt, we felt our shareholder base should be aware of our progress.”
About Plandai Biotechnology, Inc.
Plandai Biotechnology, Inc. (OTC Markets: PLPL) develops 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. Plandai Biotechnology, through its South African subsidiaries, controls every aspect of production, from growing specific raw materials such as green tea on its farms to producing its proprietary Phytofare extract, allowing the Company to guarantee the continuity of supply as well as quality control throughout the entire process. The manufacturing facility has also been engineered for citrus fruits and the recovery of limonoids. Targeted industries for the Company's products include animal husbandry, dietary supplements and diabetes. Plandai Biotechnology is headquartered in London, United Kingdom. For more information, please visit: http://www.plandaibiotech.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the OTC Markets. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, 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.