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SEC Cancels Regulatory Penalty and Interest Concerning Legacy Civil Enforcement Action

SAN DIEGO, CA / ACCESSWIRE / June 22, 2022 / Plandai Biotechnology Inc. (OTC PINK:PLPL) (the "Company") today announced that the U.S. Securities and Exchange Commission canceled civil penalties and interest totaling approximately $200,000 related to the Commission's 2018 action against the Company and its former Chairman of the Board and CEO, Mr. Roger Duffield.

Tad Mailander, the Company's CEO and director commented, "I am pleased to report that the Commission has canceled the unpaid fine and interest imposed on the Company as a result of this action. For the past two years, the Company has worked diligently to resolve its legacy financial burdens in order to move forward for the benefit of its shareholders. The Commission's decision to cancel the fine and interest completes the settlement of all known significant legacy debt against the Company, including the previously announced settlement and release of $6.9 million in outstanding notes payable to Berkshire Capital Management Co. and various third-party legacy lenders."

The company is continuing its due diligence and discussions pertaining to the possible licensing deal with Puri Blood, as well as other acquisition opportunities. In addition, the company is in the process of engaging a PCAOB audit firm to complete a two year audit of the company as part of an effort to file registration statement with the SEC. Mr. Mailander further commented "with the Company's June 30th fiscal year end approaching next week, I'm more optimistic than ever that the company is poised to do great things with the foundation we've managed to build."

About Plandai, Inc.

Plandai Biotechnology, Inc., a Nevada corporation, is a publicly quoted shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth.

FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek,"

"believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash, and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others, such as but are not limited to; economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition, uncontrollable forces of nature, and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements.

Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

To obtain more details pertaining to this SEC civil enforcement action, please see:https://www.otcmarkets.com/stock/PLPL/news/SEC-Litigation-Release?id=207571

To obtain more details concerning the settlement with Berkshire Capital Management Company, please see:


To obtain more details concerning the Company's settlement of outstanding third-party debt, please see:


Corporate Contact:

Tad Mailander plandai@prontonmail.com

SOURCE: Plandai Biotechnology

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