CALGARY, Canada, Dec. 6, 2012 /PRNewswire/ -- Fero Industries, Inc. (OTC: FROI), the exclusive producer, marketer & distributor of Sucanon®, an oral type-2 Diabetes treatment, today issued a shareholder update, recapping the major events of 2012, and announced additional changes expected in 2013.
"I would first like to take this opportunity to thank our loyal shareholders for their support and belief in our company through a year that was full of changes. Our shareholders' loyalty has been a source of pride for Fero, and it makes us that much more committed to protecting their investment," stated Luis Lopez, CEO of Fero Industries.
Earlier this year, The Company announced executive management and Board Member changes, which were approved via proxy by the majority of FROI shareholders. "These actions were taken to protect the shareholders, and I feel that they deserve for Fero's executive team to have the vision and necessary expertise to move the company forward," Mr. Lopez went on to say.
Another important event for Fero in 2012 was the majority shareholder approval of a reverse stock split, which would nullify a 1 for 5 forward split approved by the previous management in 2009 that was unnecessary. While Company management fully agrees that the reversal of the forward split can and should be done, timing can be critical in these situations, and moving forward with the reverse would not be productive at this time."I would also like to take the time to address our previously announced agreement with Premium Pharma in the Middle East," said Mr. Lopez. "As you may or may not know, the US and many of its allies around the world are currently in an embargo with Iran. Premium Pharma is located in Iran, and therefore subject to the embargo. However, since they are a Health-Care distribution company, they are not on any restricted lists. In fact, they distribute multiple products from US-based companies. We were required to fill out and file an official questionnaire concerning the agreement with Premium Pharma, and due to changes in the Treasury, have been asked to re-submit the paperwork. We are currently in the process of fulfilling this request, and have good reason to believe that the necessary approval is imminent." Moving forward, there will be additional corporate modifications such as an address and phone number with a Colorado designation, since Fero has moved its domicile from Canada to Colorado. The Company will also be filing for a corporate name change, to PharmaRoth Labs, in early 2013. Once the name change is approved and effective, the Company will begin the process of filing for a ticker symbol change to better reflect its core business. The Company has not been current with filing its financials with the SEC, and has been exploring alternate disclosure methods so as to give our shareholders a strong picture of the company. "Becoming as transparent as we possibly can is a top priority for us, and I expect to have a viable solution in the very near future," Mr. Lopez stated.