Many of the companies that had been in the news cycle this past Friday are likely to be in focus among investors this morning. One such company could be Protect Pharmaceutical Corp. (OTC:PRTT). The company’s Chief Executive Officer, Ali Yildiz, provided an update to the shareholder on December 15. The CEO provided an update with regards to the progress made by the company.
Protect Pharmaceutical had recorded their biggest quarter for revenues for the second straight quarter recently. More importantly, Yildiz stated that the growth strategy that had been put in place was working, and recently, Protect Pharmaceutical had completed the acquisition of Bosfor Export. It was one of the many acquisition targets for the company.
Yildiz stated that the company planned to bring about growth not only through its existing businesses but also through the acquisition of companies that meet its growth strategy. He also revealed that there were certain issues that the management needed to resolve and noted that all those issues would be taken care of in the coming weeks. As previously announced by the company, Protect Pharmaceutical was on course to complete its audit by the end of 2023. The company would provide updates on a weekly basis until the completion of the audit.
Another major announcement made by Yildiz was that Protect Pharmaceutical was going to embark on a stock repurchase initiative. The company’s management had decided on such a course of action in light of the record-breaking earnings and profits generated in recent times.
The CEO announced that the company would repurchase its outstanding common stock with a maximum valuation of $10 million and a par value of $0.005 per share. The company would make stock purchases through private transactions and also through the open market from time to time, Yildiz added.
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