SOURCE: Plandai Biotechnology, Inc.

Plandai Biotechnology, Inc.

May 01, 2014 09:00 ET

Plandai Biotechnology, Inc. Files 10-K/A to Include Re-Audited Financial Statements For Prior Two Years

Company Reports No Changes to Financial Statements Following Extensive Site Visit to South Africa by the New Independent Auditor

SEATTLE, WA--(Marketwired - May 1, 2014) - Plandaí Biotechnology, Inc. (OTCQB: PLPL), a producer of highly bioavailable plant extracts for industries including health, wellness, nutraceutical, and pharmaceutical, today announced that on April 29, 2014, the Company filed an amended Form 10-K, which includes the re-audited financial statements for the fiscal years ended June 30, 2012 and 2013. The Company voluntarily elected to re-audit the prior two years in response to the Public Company Accounting Oversight Board ("PCAOB") revocation of the registration of the Company's prior auditor, Patrick Rodgers, CPA. This revocation did not result from any work performed by Mr. Rogers on behalf of Plandaí. On January 22, 2014, Plandaí accepted the resignation of Patrick Rodgers from his engagement to be the independent certifying accountant and appointed Terry L. Johnson, CPA, as the Company's independent accountant.

As part of the re-audit, Mr. Johnson travelled to South Africa where he toured the Company's Senteeko tea estate, met with management, and was able to inspect the recently completed factory where Plandaí will shortly commence producing its Phytofare™ Catechin Complex. Favorable weather permitted Mr. Johnson to also take an airplane tour of the property where he was better able to appreciate the size the project and the amount of green tea which has been rejuvenated and prepared for harvest.

The re-audit did not result in any changes to the Company's previously filed financial statements for either year. The amended Form 10-K/A included Mr. Johnson's audit opinions as the only material change.

Plandaí Chairman and Chief Executive Officer Roger Duffield commented, "Based on the recommendation of the Securities and Exchange Commission, we elected to have the prior two years re-audited by our new independent accountant in order to assure our shareholders that our financial statements can be relied upon. We appreciate that, with the majority of our operations and assets in South African, U.S. investors are naturally more cautious with respect to Plandaí, and so we take great care to ensure our filings are timely and accurate. We felt that this step, including an extensive site visit by our new auditor, was the best way to bring an added level of comfort following our change in auditors."

Plandaí's first product to market will be Phytofare™ Catechin Complex, which includes the entire catechin profile derived from live green tea that is grown and processed on the Company's 8,000 acre Senteeko estate in South Africa. Sales are expected to commence this summer following the factory commissioning and the conclusion on ongoing clinical trials.

About Plandaí Biotechnology, Inc.

Plandaí Biotechnology, Inc. and its subsidiaries develop highly bioavailable, phytonutrient rich extracts which are being utilized to deliver a new family of drugs to safely and affordably treat a multitude of diseases and conditions. Plandaí Biotechnology controls every aspect of the process, from growing the raw materials on its farms in South Africa, to producing its patented Phytofare™ extracts in-house, allowing the Company to guarantee the continuity of supply as well as quality control throughout the entire process. Targeted industries for the Company's products include beverage, cosmeceutical, wellness, nutraceutical, anti-aging, and pharmaceutical. For more information, please visit

Safe Harbor Statement

The information provided may contain forward-looking statements and involve risks and uncertainties. Results, events and performances could vary from those contemplated. These statements involve risks and uncertainties which may cause actual results, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include product demand, market competition, and Plandaí's ability to meet current or future plans. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. Plandaí is not obliged to publicly release revisions to any forward-looking statement, to reflect events or circumstances afterward, or to disclose unanticipated occurrences, except as required under applicable laws.

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