V-Net Beverage, Inc. is Released from Bankruptcy; Company Retires 240 Million Shares - 63% - of Its Outstanding Shares
WEDNESDAY, MARCH 10, 2004 4:45 PM
BLUE ISLAND, Ill., Mar 10, 2004 (BUSINESS WIRE) -- V-Net Beverage, Inc. (Pink Sheets:VNTB) announced today that its Chapter 11 Bankruptcy proceedings filed in January, 2004 in the Federal District Court of Northern Illinois has been dismissed. The Courts decision came late last week.
In addition, V-Net announced it has retired 240 million shares owned by the company's former President Michael Brette. The retirement of shares, by mutual agreement, drastically reduces the total shares outstanding by 63% from approximately 380 million shares to about 140 million shares. "The Court's decision gives us the ability to begin immediately implementing our plans to increase shareholder value," said Robert Corr, the recently appointed President.
V-Net Beverage is a niche beverage company that privately labels bottled water and specialty drinks for a variety of customers.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Specialized Leasing Inc. and Sassoon Group Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: V-Net Beverage, Inc.
V-Net Beverages, Inc., Blue Island
Robert Corr, 708-389-6625