HOUSTON, Sept. 17, 2014 /PRNewswire/ -- Alonzo Pierce, CEO of Top Shelf Brands Holdings, Inc. (a Nevada Corporation) (OTCBB: TEMN), is pleased to announce that on Tuesday a judge from Florida's 13th Circuit Court signed off on the settlement between Top Shelf Brands Holdings, Inc. and Victory Partners, LLC.  The settlement has provided an avenue for Top Shelf Brands Holdings, Inc., and Victory Partners, LLC to reach an accord regarding the validity and ownership of the shares that were the crux of the embroiled court case.

"We are thrilled to have this behind us as it allows us to move forward and implement the company's business plan," Pierce said. "Although we were confident in our case, prudence dictated that we settle this litigation. This case could have been tied up in the courts for quite some time and it would have continued to be a huge drag on company resources."

The settlement agreement states that the 1 billion shares of common stock and the 60 shares of Preferred A stock are valid and that the aforementioned shares will be simultaneously exchanged for 125 million shares of restricted common stock. Additionally, a friendly shareholder of Top Shelf Brands Holdings, Inc. has agreed to surrender 125 million shares back to the company's treasury. These 125 million common shares will be used to offset the issuance of the new restricted stock being granted to Victory Partners, LLC in return for both parties granting a full release of liability.

Once returned, the 1 billion common shares and 60 shares of Preferred A Stock will be permanently retired. After the transactions of the settlement are complete, the company is happy to announce that the share structure will remain the same. The current Outstanding Shares and float level will be the same as those recorded in the company's last financial reports. In addition, there have been no new free trading shares of stock added to the float since Pierce took over as CEO of Top Shelf Brands Holdings in 2012.

"It says a lot about where we are and where we are going as a company that a shareholder would step up and make such a gesture," said Pierce. "Top Shelf Brands is on the cusp of some great things and the company is blessed to have such loyal shareholders."

With the suit behind Top Shelf Brands, Pierce has his sights set on the continued production and upcoming launch of the highly anticipated Besado Tequila, the removal of the DTC Chill, and the stock ticker change for the company. Top Shelf Brand Holdings will also move quickly to work with the necessary regulatory agencies, such as FINRA, to bring the company into full corporate compliance.

"We would like to thank the principals of Victory Partners for moving quickly to settle this lawsuit," Pierce said. "This settlement is clearly in the best of all parties involved, especially for shareholders. Everything is in motion now and our people are energized to bring to fruition years of hard work. Our time is now – it is a great day to be a Top Shelf Brands shareholder."

Top Shelf Brand Holdings, Inc. will file an 8K in regards to the information contained in this release.

About TSB:  www.drinktopshelf.com

Top Shelf Brands Holdings incubates, creates, markets and supplies branded alcoholic beverages with an initial offering of Tequila, Liqueur and Bourbon. Being a federally licensed importer and supplier of alcoholic beverages gives us a competitive edge. Top Shelf Brands is dedicated to "Incubating and Creating Brands People Talk About". Top Shelf Brands is positioned to capitalize on the $1 trillion spirits industry. Strong growth in the industry is anticipated primarily in the premium category.

This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," "expect," "anticipate," "projected," "planned," "forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, no guarantees of Top Shelf Brands Holdings, Inc.'s future operational or financial performance, and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Top Shelf Brands Holdings, Inc.

Copyright 2014 PR Newswire

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