Plandai noted that under an agreement signed in May, Chiang — holder of worldwide rights, exclusive of Taiwan, of the Puriblood Leukocyte Reduction Blood Filtration System — intended to complete due diligence for a definitive agreement to provide exclusive rights to the company for the Puriblood technology for North, Central, and South America for 30 years.
If the transaction would have been completed, Chiang would have acquired a controlling interest in the company and would have become its president, CEO and director, the company said in a July 27 press release.
Plandai noted that it is continuing its evaluation of potential strategic opportunities.
The company added that on June 20, it engaged Hudgens to conduct an independent audit of its financial statements for the years ended June 30, 2022 and 2021 and intends to file a registration statement upon completion.
In June, Plandai (OTCPK:PLPL) said that the U.S. Securities and Exchange Commission canceled civil penalties and interest totaling ~$200K related to the SEC’s 2018 action against the company and its former Chairman and CEO Roger Duffield.