Ljubljana, Slovenia, March 06, 2020 (GLOBE NEWSWIRE) -- RAFARMA PHARMACEUTICALS INC. “OTC:(RAFA)”
Since a recent teleconference call was held with shareholders there have been many things that have taken place. I would like to address some of the exciting things happening with the company and how we are successfully managing the challenges of expansion in Thailand. We are entering an extremely exciting time for the company and I am happy with the progress we have recently made. Thailand has been in the news constantly about the recent Medical Marijuana legalization and clinics that are opening throughout the country. We are very well positioned to take full advantage of this soon to be exploding market. We have partnered with MTP and we believe this partnership will put us at the forefront of the cannabis market throughout Thailand. The research being conducted at Khon Kaen University is also extremely exciting and we feel like we will have an extreme advantage through the development of additional products and treatments that will assist us in our business goals.
The initial harvest of our joint venture with MTP has taken place and we are producing revenues in Thailand now. We expect revenues to grow rapidly over the next several months and into 3rd and 4th quarter. Our plan to open our own clinic in Phuket Thailand is progressing rapidly and we expect an announcement soon in regard to completion expectations. We have also started progress on our Detox Restaurants that we believe will provide accessible options to anyone seeking treatment. These specialty detox restaurants will be established throughout the country and will continue to grow the presence of Rafarma throughout Thailand. As we continue to monitor the Coronavirus issues in conjunction with our operations, we feel Thailand has done an excellent job of being proactive and the geographical location of Thailand keeps the temperatures at a high enough level year-round to combat some of the concern. We feel that the Coronavirus will not substantially affect our current growth or operations in Thailand.
Our operations in Europe are progressing nicely and we believe we will have substantial success in the coming year within the European market. We are still actively speaking with multiple acquisition targets and continue to grow our current location in Slovenia. As we make more progress with our plans and future dealings in Europe, we will continue to keep our shareholders informed.
The overall growth of the company over the last 8 months has been wonderful and we expect to move forward in both Europe and South East Asia and truly turn Rafarma into a Global company. As CEO I appreciate our shareholders belief in our mission and our goals, and I look forward to an extremely successful year.
Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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