Thursday, April 24, 2014 10:14:42 AM
Today : Thursday 24 April 2014
Republic of Texas Moves Closer to Reorganization Plan Approval
Company Settles Claims Against OTC Markets Industry Service Provider Leader and Company's Former Chief Financial Officer
DALLAS, TX--(Marketwired - Apr 24, 2014) - Republic of Texas Brands Incorporated (PINKSHEETS: RTXBQ) announced today that it has reached a preliminary amicable settlement in its claims against Scott Forsythe, Matthew Nicoletti, Empire Capital LLC and Michael Welch, the Company's former Chief Financial Officer. The terms of the settlement will remain confidential until approved by the Bankruptcy Court.
Jerry Grisaffi, Chief Executive Officer, stated, "We thank Scott Forsythe, Matthew Nicoletti, and everyone at Empire Capital for this resolution and support of our Chapter 11 reorganization plan and wish them every success in their future endeavors."
Grisaffi continued, "This is a giant step towards the Company's successful exit from Chapter 11 reorganization and will benefit both our creditors and our shareholders. With the return of the Welch stock to treasury the share structure will be reduced to 202,730,433. There will be no reversal of the stock and all shares held by investors will be unaffected. This will help us move forward with our plans to acquire Chill Texas, which will provide us with a solid revenue base to grow and meet our plan obligations."
"We are happy to move even further in the reorganization process and to look for acquisitions that create shareholder value," said Grisaffi.
Click here to order CHILLO products via AMAZON.com: http://www.amazon.com/gp/aag/main/ref=olp_merch_name_1?ie=UTF8&asin=B00DE1EZMG&isAmazonFulfilled=0&seller=A2KX6CKNKJOQAL
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact:
Jerry Grisaffi
Email Contact
When the Fish speaks, people listen!
This is only my opinion.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM