Life On Earth, Inc. Pays Off All Outstanding Debt With TCA Global FundPress Release | 12/10/2018
NEW YORK, Dec. 10, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE-- Life On Earth, Inc. (OTCQB: LFER) announced today its litigation with TCA Global Fund has been dismissed with prejudice pursuant to a confidential settlement. The Company did not disclose the amount of the settlement due to the confidential terms of the agreement, but according to public records, the litigation that was in dispute with TCA was in excess of $1 Million Dollars as of the Company’s last 10K Annual Report. The Company’s Chief Executive Officer, Fernando Oswaldo Leonzo, said in a statement, “This resolution ends nearly two years of litigation with TCA, it eliminated the drain from our Company’s resources from this litigation, and resolves the alleged total debt and alleged damages that TCA was claiming in this litigation.”
The Company also announced it closed on nearly $1.3 Million in private financing this year. Mr. Leonzo added, “This round of capital from our existing shareholders is a resounding vote of confidence from those who share our long term vision of the future for our company. With the elimination of the cost of litigation as well as having to service high interest rate loans, draining the Company’s capital and human resources, the Company’s management will now be one hundred percent focused on top line revenue growth, a race to profitability as well as making our brands category leaders as part of our initiative to deliver value for our shareholders. We are very excited about our prospects heading into 2019 and beyond, as we aim to participate in huge markets and new opportunities, that have presented themselves to us as never before in the company’s history.”
The Company has filed an 8K adjoining this press release and it can be found on the SEC.gov website for filings.
About Life On Earth, Inc.
Life on Earth, Inc. (“LFER”), a "Make It Better" New Beverage Company in the dynamic and innovative all-natural category focused but not limited to the beverage and snack industry. At LFER, we have established a unique business model focused on building brands within the alternative beverage and snack space. Our brand model is complimented by our strong distribution subsidiaries in New York and California. The growth of “game changing” marketing applications, human capital resources and follow-on investments will help us deliver a fully integrated platform for the emerging and functional brand category that are good for our consumers as well as the environment.
Visit: www.lifeonearthinc.com
