huge news load while you can imo :) DANBURY, CT -- (Marketwired) -- 10/06/15 -- New Leaf Brands Inc. (OTCBB: NLEF), a holding company seeking to acquire select regional or segment brands, today provided an update on its efforts and a correction to a previous press release.
In its press release dated June 10, 2015, NLEF provided a status report concerning actions the Company pursued to remedy its relationship with the lender. Since that time, we have negotiated with the lender and are reasonably confident that the substantive outstanding issues between the parties will be settled favorably. The lender has agreed to allow the Company to create a new subsidiary that would be free to seek financing for acquisitions by the Company.
New Leaf's CEO, David Fuselier, stated, "We believe this is an important step toward funding our acquisitions. To be clear, our ability to execute on our strategy is dependent on this crucial structure. We have reviewed small operations in New Jersey, New York and Florida for acquisition. The revenues of these operations are between $1,000,000 and $3,500,000. To date, we have not signed any letters of intent."
Additionally, management reported that it continues to manage the Company's legacy New Leaf creditor claims as well as creditor claims resulting from the closure of its distribution operations in Maryland.
The Company also issued a correction to its June 10, 2015 press release. In that press release management stated, "We have discussed in great depth with our legal counsel and with regulatory authorities our follow on courses of action." The phrase "discussions with regulatory authorities" should have been stricken. "While we have had great detailed discussions with our counsel, as we should, we have not had discussions in great depth with regulatory authorities other than the one with which we are regulated," said Fuselier.
