Biofarm, Inc. Announces Financial Timetable.LONDON--(BUSINESS WIRE)--Oct. 27, 1998--Keith D. Beekmeyer, newly-appointed Chairman of the Board and Chief Executive Officer of BIOF, announced today the following: 1. FINANCIAL TIMETABLE (dates approximate) a) November 10, 1998, filing of Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. to reflect the definitive acquisition of Biofarm, S.A., the 87%-owned Romanian pharmaceutical subsidiary of BIOF, on September 4, 1998, as well as the election of eight nominees of Litchfield Continental, Ltd. to the Board of BIOF, the election of BDO International BDO International is a world wide network of public accounting firms, called BDO Member Firms, serving international clients. Each BDO Member Firm is an independent legal entity in its own country. The network is coordinated by BDO Global Coordination B.V. as certifying accountant to BIOF, and the change in BIOFs fiscal period from June 30 to December 31. b) November 14, 1998, filing of Form 10-Q Form 10-Q See 10-Q. to reflect the BIOF unaudited first quarter ended September 30, 1998, as well as the Price Waterhouse Coopers audited report on financial condition of Biofarm, S.A. for the nine months ended September 30, 1998 (which latter financials will also be included in the 8-K filing). c) January 4, 1999, commencement of audit by BDO International of the consolidated statement of BIOF for the year ending December 31, 1998, which consolidated statements will include Biofarm, S.A., Britten-Norman Ltd., Kaster Bioscience Ltd., Burlington Chamber & James Ltd. and any other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. to be contributed by Litchfield to BIOF prior to December 31, 1998. 2. STATUS OF PROPOSED ACQUISITIONS a) On October 9, 1998, BIOF announced its acquisition of Britten-Norman, a manufacturer of short take-off and landing aircraft from Litchfield without additional consideration. b) Litchfield has advised BIOF that Litchfield is also contributing to BIOF Kaster Bioscience Ltd. and Burlington Chamber & James Ltd. Such acquisitions will be announced definitively immediately upon receipt by BIOF of applicable financial statements relevant to each such acquisition. 3. ACQUISITIONS NOW BEING NEGOTIATED a) Mr. Beekmeyer stated that he will be traveling to Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. in an attempt to close the negotiations in progress concerning the acquisition by BIOF of two properties located in Eastern Europe. One of such properties is in the same business as Biofarm, S.A.; the other property (with approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 60 million in sales and an approximate 15% profit margin) is a manufacturer of an essential component of heavy-duty equipment makers. 4. LITCHFIELD MANAGEMENT AND OWNERSHIP OF BIOF CONVERTIBLE DEBENTURE Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. a) Mr. Beekmeyer also announced that he is the owner of 100% of the issued and outstanding shares of capital stock of Litchfield. Mr. Beekmeyer also reiterated his intention to defer indefinitely Litchfields conversion of its BIOF Convertible Debenture. Finally Mr. Beekmeyer stated that the December 31, 1998, audited financial statements of BIOF would, on a fully consolidated basis, demonstrate an appreciable increase in the net worth, total assets and earnings of BIOF. b) Mr. Beekmeyer has also confirmed that both Mr. Robert Ferran (soon to be elected President of BIOFARM, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .) and Anil K. Mahan (Legal Director) are to receive a 5% share in Litchfield Continental Limited (BVI). The foregoing announcement contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that necessarily involve the risks and uncertainties involved in any business venture, especially one with international businesses. |
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