Playbev sued Playboy Oct 29, 2012, which is less than three years ago, not the 7 years that you misrepesented.
Playbev went into Chapter 11 bankruptcy in August 2011. In March 2012 Playboy and PlayBev extended the licensing agreement through July 31, 2012, to allow PlayBev and Playboy to negotiate a potential new licensing agreement.
Cirtran’s 2013 10K states: “Playbev reached a settlement with Playboy that would have provided for a new license conditioned on bankruptcy court approval of PlaybBev’s reorganization plan, PlayBev’s payment of $2.0 million to Playboy, and other provisions, but PlayBev was unable to obtain the funding needed to pay Playboy the initial amount or otherwise implement the reorganization plan, so that plan was abandoned and the settlement agreement and the new Playboy license did not become effective.”
Since Mr. Iehab could not meet necessary requirements, Playboy did not renew the license. What is Mr. Iehab’s response? Same one as with Playsafe – litigate.
The past 15 years of losses are clearly the responsibility of Mr. Iehab. Mr. Iehab is clearly responsible for Cirtran’s results. He is the President, Chief Executive Officer, Director, and Principal Financial and Accounting Officer.
Loss from Operations
2014 ?
2013 (1,015,316)
2012 (375,813)
2011 (7,043,410)
2010 (1,015,316)
2009 (5,814,653)
2008 (3,911,212)
2007 (7,232,524)
2006 (2,854,369)
2005 (527,708)
2004 (658,322)
2003 (2,910,978)
2002 (2,149,810)
2001 (2,933,084)
2000 (2,791,888)
1999 (3,768,905)
There is zero evidence that Mr. Iehab can produce profits in the future, especially given the likelihood that the energy-drink license will be revoked. The chance that any funds Cirtran receives will go to shareholders is very small.
