they will keep their warrants.
RG Global Announces Settlement of Litigation With NIR Group
ANAHEIM, Calif., Jan. 24 /PRNewswire-FirstCall/ -- RG Global Lifestyles, Inc. (OTC Bulletin Board: RGBL) announced today that it had resolved all litigation with NIR Group, which, through its affiliates, held Convertible Notes issued by RG Global. As part of the settlement, NIR Group will receive certain payments for the Convertible Notes to be paid out of proceeds RG Global received in connection with a claim on a key man life insurance policy it held, and will retain its outstanding warrants.
Grant King, RG Global's CEO, stated: 'RG Global asserted many counterclaims against NIR Group's affiliates, including claims of unlawful stock trading. In the course of extensive pre-trial investigation, we found no evidence to justify pursuing these claims and now wish to withdraw them, without further drain on our time and resources.'
Corey Ribotsky, Chairman of NIR, stated, 'The NIR funds have been scrupulous in honoring their agreements and complying with the law. We only brought suit because we were left with no other choice. We are glad to resolve the matter on terms that are beneficial to our investors and to RG Global, where we will continue as a major investor through our warrants. We are confident that Grant King can lead RG Global forward with its business plan.'
