Lotus Bio-Technology Development Corp. releases shareholder update regarding Securities and Exchange Commission complaint
IRVINE, Calif., August 29, 2022 /PRNewswire/ — Lotus Bio-Technology Development Corp. (Pink Open Market: LBTD) is today issuing a shareholder update addressing the following four points:
1. The SEC August 15, 2022 complaint regarding the activities of Lotus Bio-Technology Development Corp.
2. The status of the Company regarding an internal investigation into the matter.
3. The Company’s plans to implement policies, procedures, and other safeguards to minimize the risk of future problems described in the SEC Complaint.
4. A summary of the Company’s current compliance procedures regarding the proper reporting of insider trading activities.
Item 1: Enabled August 15, 2022, the SEC has filed a civil lawsuit involving a former executive and director of Lotus Bio-Technology Development Corp. Members of the team. However, the new management is shocked by the allegations made in the complaint. If they had known about these allegations, the new management would not have merged their company with LBTD. However, the Company wishes to address these circumstances with transparency so that it can continue to thrive in the digital health and wellness market.
The new CEO of Lotus Bio-Technology Development Corp. Christopher Hoyt commented, “We will always strive to run our business in a manner that is both moral and ethical. Our team exemplifies integrity and we will continue to build our business in a way that honors these principles.
Point 2: The company’s new management has conducted an internal investigation and has ensured that none of the parties named in the SEC complaint are involved in any aspect of Lotus Bio-Technology Development Corp’s business. Moreover, before this complaint was filed, there had already been a change in control and direction, with the former CEO agreeing to surrender 150,000,000 common shares to the Treasury.
Item 3: The Company is hiring a securities attorney who can, and will, help oversee all compliance matters for the Company in the future. This lawyer will have absolutely no connection with the old company, nor the old management and will bring great added value by offering advice that will protect the company and its shareholders.
In addition, the Company will go beyond current reporting requirements and voluntarily disclose to the over-the-counter markets and the public all exchange transactions.
Section 4: Effective September 2 2022, the Company changes its transfer agent to ensure that there is no connection with previous activity. With the Company’s new transfer agent and securities nominee, the Company will not only monitor all share transfers and ensure that no insider activity takes place, but will will also ensure that no prior improper actions will affect the longevity and success of the Company and the shareholders of the Company.
The new CEO of Lotus Bio-Technology Development Corp., Christopher Hoytsaid, “We have a remarkable company with incredible revenues and an extremely capable management team. We have carefully designed our business in such a way that we believe success is our only option. We value our shareholders and look forward to growing our business. exponentially to increase shareholder value.”
For more information on our new commercial operations, visit: boomerangkit.com
Safe Harbor Statement: This press release contains “forward-looking statements”. Although the forward-looking statements contained in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Readers are urged to carefully review and consider the various disclosures provided by LBTD in our reports filed with OTC Markets Group, Inc., including risk factors which attempt to inform interested parties of the risks that may arise. affect our business, financial condition, results of operations and cash flows. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those expected or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We undertake no obligation to update any forward-looking statements to reflect any event or circumstance that may occur after the date of this release.
David OttesstadCreative Director Email: [email protected]