Food Culture Inc. Forms Audit Committee, Seeks PCAOB Accounting Firm
Food Culture Inc. announces the establishment of its Audit Committee and progress in selecting a PCAOB-registered accounting firm, enhancing its governance and financial reporting initiatives.
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Board establishes an audit committee chaired by independent director Alena Ivanova; Company receives proposals from three PCAOB-registered accounting firms and introduces a refreshed corporate mark
TORONTO, ON / ACCESS Newswire / September 8, 2026 / Food Culture Inc. (OTCID:FCUL) (“FCUL” or the “Company”) today announced that its board of directors has established an audit committee and that the Company has received proposals from three accounting firms registered with the Public Company Accounting Oversight Board (“PCAOB”). The Company also introduced a refreshed corporate mark. The committee and accounting-firm selection process advance the governance and financial-reporting programme the Company outlined on August 27, 2026.
Audit Committee
On September 7, 2026, the board of directors established an audit committee, completing the second of the two governance steps described in the Company’s August 27, 2026 announcement. The audit committee comprises Alena Ivanova, Efraim Babayov and Ruben Yakubov, with Ms. Ivanova, an independent director, serving as chair. A majority of the committee is independent; Mr. Yakubov is the Company’s President and Chief Financial Officer and is not independent.
The audit committee is responsible for overseeing the Company’s financial reporting and disclosure, the selection, engagement and oversight of the Company’s independent accounting firm, and the review of the Company’s accounting policies and internal financial controls. The Company is not subject to the reporting requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, and its securities are not listed on a national securities exchange. Accordingly, the exchange listing standards governing audit committees do not apply to the Company by their terms. The board established the committee and adopted its terms of reference as a matter of governance practice.
Selection of a PCAOB-Registered Accounting Firm
On August 27, 2026, the Company stated that it intended to retain an independent public accounting firm registered with the PCAOB during September 2026 to begin the audit process for its financial statements. The Company has since received proposals from three PCAOB-registered accounting firms. The audit committee will review the proposals and recommend a firm to the board.
No firm has been engaged, no engagement letter has been signed and no audit has commenced. The scope, periods covered and timing of any audit will be determined when the Company engages a firm. The Company’s financial statements are currently unaudited, and the Company reports under the OTC Markets Alternative Reporting Standard.
Corporate Mark
The Company has adopted a refreshed corporate mark that sets the four letters of its trading symbol (F, C, U and L) in a two-by-two block. The single-weight, square design can be reproduced in colour or black and white across digital and print materials. The mark identifies the corporate issuer, while the Company’s products continue to use their individual brand identities, including StadiumTM premium vodka.
The refreshed mark appears on the Company’s website at www.foodcultureinc.com, in its corporate communications and on its OTC Markets profile. The Company’s legal name, trading symbol, CUSIP number, share capital and transfer agent have not changed. The mark does not affect shareholders’ holdings.
About Food Culture Inc.
Food Culture Inc. develops and markets premium spirits and ready-to-drink products across a flexible portfolio of brands, labels and formats. Under its asset-light model, the Company owns or licenses brands and packaging designs and works with qualified partners on recipe development and production, without maintaining substantial owned production infrastructure. This model supports controlled overhead and allows products to be tailored to particular consumers, occasions and distribution channels. The Company introduced Stadium™ premium vodka in Ontario in June 2026 as a limited-run collector series using a proprietary recipe developed in cooperation with Lazuli Vodka and produced at LAUNCHPAD.
For additional information, please visit:
https://www.foodcultureinc.com
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the future activities of the Company’s audit committee; the review of proposals received from PCAOB-registered accounting firms; the selection and engagement of a firm; the scope, timing, commencement and completion of any audit; and the Company’s governance and financial-reporting development. Words such as “intend,” “plan,” “anticipate,” “may,” “will,” “expect” and similar expressions identify forward-looking statements. These statements are subject to risks and uncertainties, including the continued service of the Company’s directors and officers; the outcome of the audit committee’s review of the proposals received; the availability, cost and timing of audit services; the completion, timing and results of any audit; and market conditions. The Company is not subject to the reporting requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, and the statutory safe harbors for forward-looking statements in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 are not available to the Company. Actual results could differ materially from those expressed or implied. The Company undertakes no obligation to update forward-looking statements except as required by applicable law. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The Company does not solicit or recommend the purchase or sale of its securities and does not provide investment advice.
Contact
Ruben Yakubov
President
(o) +1 416 565 5467
ryakubov@foodcultureinc.com
SOURCE: Food Culture, Inc.
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