MOSCOW, April 2, 2014 /PRNewswire/ -- Rafarma
Pharmaceuticals Inc. (OTC RAFA) is pleased to announce the complete
restructuring of its existing € 90,000,000.00 loan with
VNeshconombank (VEBank), Russia's
premier development bank. Terms and conditions of the restructured
loan include a 3-year deferment, or holiday, on all principal and
interest payments thus greatly enhancing the financial stability of
the company.
Company CEO Dave Anderson stated,
"We are gratified that VEBank have arranged this three year
deferral and feel this offers a validation of management's
progressive plan and meaningful support to Rafarma's stated
objective of becoming a leading pharmaceutical company in
Europe. This agreement
significantly enhances your company's financial prospects."
The original loan from VEB was used in the construction of the
company's 270,000 square foot state-of-the-art production facility
in Terbuny. The company is in active production, supplying the
Russian public health system, Russian military and is various
stages of finalization for several private-industry production
contracts.
For the last three years, the Russian Government has been highly
focused on bolstering the development of the nation's domestic
pharmaceutical industry. Rafarma's mission is to work under the
auspices of aggressive federal initiatives to fast-track the
modernization of Russia's
pharmaceutical industry.
For more information on Rafarma Pharmaceuticals, visit:
http://rafarma.com
For more information on VEBank, visit:
http://www.veb.ru/en/
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These include,
but are not limited to: the impact of economic, competitive and
other factors affecting the Company and its operations, markets,
product, and distributor performance.
Contact: David Anderson,
1-801-210-7135, info@rafarma.com
SOURCE Rafarma Pharmaceuticals Inc.