On September 6, 2017, Tiger Reef, Inc. (“ Tiger Reef ”) experienced the destruction of its corporate headquarters in St. Maarten, Dutch West Indies as a result of Hurricane Irma making a direct hit on the island. All of Tiger Reef’s office equipment, computers, paper files (electronic files were backed up offsite and have been recovered), etc. were damaged beyond repair during the storm. Some equipment has since been replaced and phone service restored which has allowed Management to resume a normal level of operations.
Simpson Bay Resort & Marina, where Tiger Reef was renovating a leased restaurant location, also suffered catastrophic storm damage. Lastly, Management has temporarily evacuated the island. As a result of the damages suffered by Hurricane Irma, Tiger Reef is temporarily suspending work on the Mermaid Reef Ocean Grill & Lounge™ brand and directing full attention to complete the branding design work and government regulatory approvals necessary to import, market and sell its line of Tiger Reef® ultra premium rums in the United States.
Additional news on the importer of record, images of design and prototyping, and so forth will be released via formal press releases in the near future.
Item 1.02
Termination of a Material Definitive Agreement
On June 19, 2017, Tiger Reef’s wholly-owned subsidiary, Mermaid Reef, B.V., entered into a Lease Agreement with Simpson Bay Resort Owner Company, B.V. for the opening and operation of a branded Mermaid Reef Ocean Grill & Lounge™ restaurant on the premises of its Simpson Bay Resort and Marina located in St. Maarten, Dutch West Indies.
This Lease Agreement was for an initial term of 5 years with an option to extend for an additional 5 years without the need for further negotiations.
A copy of the Lease Agreement was filed as Exhibit 10.9 to the Form 8-K filed on June 20, 2017, and is incorporated herein by reference. The foregoing summary description of the Lease Agreement is qualified in its entirety by reference to the full texts of each of such exhibits.
On September 25, 2017, the Parties mutually agreed to terminate this Lease Agreement as a result of the catastrophic damage caused by Hurricane Irma to the island of St. Maarten and the Simpson Bay Resort & Marina where the restaurant was undergoing renovations for a planned December 2017 opening. As a result of this early lease termination, Tiger Reef will take a one-time write-off in the current fiscal quarter for its lost investment in this restaurant property.
2
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TIGER REEF, INC.
Dated: October 11, 2017
By:
/s/ J. Scott Sitra
President and Chief Executive Officer
AI
