CORONA, Calif., May 01, 2019 (GLOBE NEWSWIRE) — The Company has received inquiries expressing concern about its failure to file its Annual Report on Form 10-K and about the date on which it will be filed.
The reason that the report has not been filed arises from the Company’s acquisition of the patents and trademark relating to its Medtainer products and a related website in June 2018 in exchange for shares of its common stock.
After that acquisition, the Company valued these assets and amortized them using the market value of these shares on the acquisition date. Because these assets constitute about 88% of the assets shown on the Company’s balance sheet, its auditors have required that these assets be appraised before they issue their opinion on their audit of the Company’s financial statements for 2018.
The Annual Report cannot be filed without this opinion.The Company has retained Valuation and Venture Consulting in Irvine, California to make this appraisal and expects to receive it in approximately 10 days. The Company believes that the auditors will provide their opinion and that the Annual Report will be filed within a few days afterwards.Assuming that the Company files its Annual Report as indicated above, it expects to file its Current Report on Form 10-Q for the quarter ended March 31, 2019, on time.
The Company emphasizes that it is operating normally and no adverse event has occurred that affects it or its operations or prospects.For investor or sales information please visit MedTainer, Inc. and D&C Distributors online or by phone. The Company’s headquarters and production and distribution facility is located at 1620 Commerce St., Corona, California 92880.
MedTainer Inc. trades on the OTC under the call letters MDTR. The Company’s websites are www.Medtainerinc.com for the hospice and palliative care industry and www.themedtainer.com for the recreational and medical marijuana industry. Orders for MedTainer can be taken online and by phone. Custom orders are especially welcome. Please send all inquiries to [email protected] or call 844-226-5649.
Ask for Jack Rein, National Services Director. MedTainer, Inc. can also be accessed through Twitter and Instagram at @MedTainerinc.
Forward Looking Statements
This press release includes statements that are covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to risks and uncertainties and actual results could differ materially from the Company’s current expectations. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict or assess. Investment entails risk and an investor could lose some or all of his or her investment.