Tiger Reef, Inc., formerly Blue Water Bar & Grill, Inc., attempted to salvage the Blue Water Bar & Grill concept in Indigo Bay. The concept failed to be brought to market and the company took a 100% write-off to all expenses and investments related to that concept. The landlord is planning on building an all-inclusive hotel on the former location of the restaurant.
After this letdown, Tiger Reef created a new restaurant concept called Mermaid Reef Ocean Grill & Lounge. An agreement was reached with Simpson Bay Resorts & Marina for a leased location to build this new concept. Tiger Reef started construction on this location a few weeks prior to Hurricane Irma hitting the island of St. Maarten on September 6, 2017.
Subsequent to the arrival of Hurricane Irma, Simpson Bay resorts cancelled all third-party leases, including Tiger Reef’s. 100% of the investment in time and capital into this project was lost. Since this time Tiger Reef has shelved this restaurant concept until it can find a new suitable location and raise the capital necessary to complete a buildout in a high-end resort.
As for the rum, Tiger Reef has never produced any rum. Tiger Reef has formulated three expressions of rum, but has lacked the capital to bring it to market. At the moment there is a tremendous amount of work to be done prior to ever seeing Tiger Reef’s rum reach the marketplace.
In regards to your question about debt holders, Tiger Reef’s management has been in ongoing negotiations with its debtholders. There is still on debtholder refusing to cooperate: Crown Partners. Crown Partners is the smallest debtholder, but has a share reserve covering most of the company’s unissued shares. Until Crown Partners joins the other debt holders, Tiger Reef will not be able to raise any new capital and will remain in this stage of limbo without any material operations.
Lastly, Tiger Reef will not issue any press release until after material events occur. Should Crown Partners decide to work with the company and allow it to resume operations then a press release will be issue after the paperwork has been signed.
If you have any further questions, please do not hesitate to contact us again.
Sincerely,
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