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Replies to post #71007 on Alliance Creative Group Inc (ACGX)
09/18/17 12:23 PM
Alliance Creative Group (ACGX) Settles Lawsuit With Golden State Equity Investors
MarketwiredSeptember 18, 2017
CHICAGO, IL--(Marketwired - Sep 18, 2017) - Alliance Creative Group, Inc. (AllianceCreativeGroup.com) ( OTC PINK : ACGX ) is pleased to announce the lawsuit between Golden State Equity Investors, Inc. and Alliance Creative Group, Inc. related to a dispute over financing instruments has been settled and the case will be dismissed.
The parties both had claims against each other in the U.S. District Court of Southern California. In exchange for some preferred equity shares in ACGX, an existing investor has agreed to purchase the potential rights Golden State may have had in the financing instruments. This exchange agreement will allow the company to retire the debt in full and dismiss the lawsuit. Some additional paperwork, filings, and legal transactions are required to completely finalize this settlement and exchange, However, all parties are in agreement of the final terms and money is being held in escrow.
Paul Sorkin, COO and General Counsel, said, "This situation has been an ongoing issue for the company for years and we believe the uncertainty has put a tremendous amount of pressure on our Company. This settlement and exchange agreement is a great opportunity for us to reduce our debt, resolve any uncertainty about any potential claims, and allow us to focus more on growing our business and hopefully improving our overall Company's financials."
