NEW YORK, NY and TONGHUA, CHINA--(Marketwire - April 03, 2012) - Biopharm Asia, Inc. (PINKSHEETS: BFAR) announced a status update regarding restated financial results of 2008, 2009 and 2010. As the restatement process is not yet complete, the Company delayed in filing its 10-K, which was due on March 31, 2012, for the fiscal year ending on December 31, 2011. The Board of Directors made the restatement process a critical priority; management retained additional accounting staff to work with the Company's outside consultant and auditor to complete the requisite bookkeeping and associated statement preparation. However, the Company has not set a timetable for completion of this evaluation process and there can be no assurances that this review will result in any action.
The Company's shares are presently listed on the Pink Sheets segment. Although no longer required by the SEC, the Company intends to file the Form 10 and the accompanying audited financial statements after completion of the audits for the fiscal year ended December 31, 2011 and restatement of previous three years.
Additionally, the Company intends to submit a Form 2-11 with a Market Maker for the purpose of sponsoring its quotation on the Financial Industry Regulatory Authority (FINRA) - OTC Markets QB (OTCQB). The Company intends to file its Form 2-11 after the filing of the Form 10. Upon receipt of comments from FINRA, and submission of the Company's responses, FINRA may include the Company's symbol for quotation on the OTCQB. There can be no assurance, however, that the Company will be successful in obtaining the approval from FINRA and be able to trade on the OTC Markets.
About Biopharm Asia, Inc.
Biopharm Asia, Inc. is engaged in the retail sale of medical services and products in China, complemented by vertically integrated supporting functions that include the cultivation of Chinese herbal medicines, pharmaceutical production and wholesale medicine distribution.
Offers a full range of specialty services to increasingly health-conscious urban customers
High-quality management expert resources to provide professional medical management solutions for hospitals and other medical agencies.
Utilizing its resource advantages, logistic center and commercial whole sale arm, BFAR expects to effectively integrate the local private drugstores and chain pharmacies and rapidly extend to nationwide.
Equipped with modernized high technology and approved by the Nation's GMP, over 30 products are distributed nationwide.
Providing seed resource for the Company's herbal production as well as favorable fiscal financing support and tax rate from government.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our future results of operations, financial condition and business prospects. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to: the Company intends to file the Form 10 and accompanying audited financial statement. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.