Republic of Texas Moves Closer to Reorganization Plan Approval
April 24 2014 - 9:45AM
Marketwired
Republic of Texas Moves Closer to Reorganization Plan Approval
Company Settles Claims Against OTC Markets Industry Service
Provider Leader and Company's Former Chief Financial Officer
DALLAS, TX--(Marketwired - Apr 24, 2014) - Republic of Texas
Brands Incorporated (PINKSHEETS: RTXBQ) announced today that it has
reached a preliminary amicable settlement in its claims against
Scott Forsythe, Matthew Nicoletti, Empire Capital LLC and Michael
Welch, the Company's former Chief Financial Officer. The terms
of the settlement will remain confidential until approved by the
Bankruptcy Court.
Jerry Grisaffi, Chief Executive Officer, stated, "We thank
Scott Forsythe, Matthew Nicoletti, and everyone at Empire Capital
for this resolution and support of our Chapter 11 reorganization
plan and wish them every success in their future endeavors."
Grisaffi continued, "This is a giant step towards the Company's
successful exit from Chapter 11 reorganization and will benefit
both our creditors and our shareholders. With the return of
the Welch stock to treasury the share structure will be reduced to
202,730,433. There will be no reversal of the stock and all shares
held by investors will be unaffected. This will help us move
forward with our plans to acquire Chill Texas, which will provide
us with a solid revenue base to grow and meet our plan
obligations."
"We are happy to move even further in the reorganization process
and to look for acquisitions that create shareholder value," said
Grisaffi.
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Safe Harbor Act: This release includes forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that involves
risks and uncertainties including, but not limited to, the impact
of competitive products, the ability to meet customer demand, the
ability to manage growth, acquisitions of technology, equipment, or
human resources, the effect of economic business conditions, and
the ability to attract and retain skilled personnel. The Company is
not obligated to revise or update any forward-looking statements in
order to reflect events or circumstances that may arise after the
date of this release.
Contact: Jerry Grisaffi Email Contact
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