WASHINGTON, March 2, 2021 /PRNewswire/ -- Astra Veda Corporation formerly known as WorldFlix, Inc. (OTC PINK: WRFX), would like to address shareholders and the investment community in response to recent exploitive attempts by others to manipulate our stock value. We discovered unfounded social media rumors disseminated during the past several months by unscrupulous traders in attempts to "pump up" our stock as well as many others. The Company emphatically asserts that we do not pay to promote our stock and believe the value of our shares should reflect the facts and disclosures provided by the Company.
The Securities and Exchange Commission (SEC) reached out to the Company last week for confirmation that WRFX was still in business and not defunct. Chairman and Chief Executive Officer Mick Davis stated, "we are still in business and remain an ongoing concern", to avoid being swept up in the recent SEC suspensions. With the assistance of competent legal counsel, we are now preparing to make accurate financial disclosures.
We explained to the SEC that our deferral of disclosures was due to the lack of factual cooperation by the former CEO and the COVID-19 delay of legal due process in litigation with the former Board of Directors. To exacerbate the delay, our updated application to OTC Markets has been on a processing hold. The Company is appealing for an exception to their hold so we can submit financial disclosures while waiting for FINRA to finish processing our renewed corporate action for a name and ticker symbol change.
The executive team has nearly finished reconstructing our finance and accounting ledgers which provide the rigor and financial controls necessary for consolidated ledgers of multiple companies. Investors and stakeholders expect fidelity in reporting from management overseeing more than one subsidiary. The Company designed our monetary inflow processes to accommodate tens of thousands of customers. The management will be handling varied revenue models including processes for supporting recurring revenue management streams from multiple subsidiaries. We are proud of this accomplishment with that investment in time and resources.
The company has chosen and deployed NetSuite ERP which is favored by external auditors and widely preferred by Public Company Accounting Oversight Board auditors who oversee and verify the outcomes of independent external auditors.
In the meantime, the Company is working diligently to correct the final list of past defects and enable growth. We have developed a pilot program to provide our advanced operations management platform (Punchzee.com) free of charge to a select chapter of the National Association of Women in Construction (NAWIC) as we integrate our onboarding, referrals, and sales processes, empowering the next generation of skilled trades workforce. Today the NAWIC has more than 115 chapters in 47 states.
The Company recently signed letters of intent with two prominent inventors with established patents, trademarks, and production trade secrets within the ballistic materials domain. The agreement is enabling cost effective bullet resistant barriers to be mass produced, fulfilling an existing demand of purchase orders by a number of government customers. This established set of relationships will leverage disruptive, creative innovation with unique business relationships and links an agile production capability for product development and delivery. The Company anticipates finalizing the agreement within the next 30 days.
THE LEADERSHIP IS EXCITED FOR THE FUTURE AND WILL UPDATE SHAREHOLDERS AS THE ISSUES AND FACTS WARRANT.
ABOUT ASTRA VEDA CORPORATION
Astra Veda Corporation (OTC PINK: WRFX), formerly known as WorldFlix, Inc is a Wyoming corporation bringing disruptive and innovative technologies to market through a rigorous due diligence and opportunity assessment program called the Astra Star Gate. Through our subsidiary co-investment and affiliate partnerships, Astra Veda provides a variety of unique processes, products, tools and software applications that innovative resources for customers and partners to enhance and secure existing platforms.
For more information, visit https://www.otcmarkets.com/stock/WRFX/overview
FORWARD-LOOKING STATEMENTS: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. These statements may be based on current expectations and are uncertain. Words such as expects, anticipates, intends, believe, plan, will, and similar words are expressions intended to identify these forward-looking statements. These statements may involve risk and subsequently are difficult to evaluate. Actual results may vary from descriptions herein due to many factors including but not limited to changes in business conditions, changes in laws and regulations, problems encountered in exploration and obtaining permits, changes in the competitive environment, technological advances, shortages of skilled workers, the need for additional capital and other risks listed in the company's Securities and Exchange Commission filings under "risk factors" and elsewhere. Forward-looking statements may speak only as of the date they were made, and the company is under no obligation to update them.
SOURCE Astra Veda Corporation