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
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
"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
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
SOURCE Top Shelf Brands Holdings, Inc.