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
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.
Click here to order CHILLO products via AMAZON.com: amazon.com/RepublicOfTexasBrandsStore
For more information: finance.yahoo.com/news/republic-texas-moves-closer-reorganization
Disclaimer/ Disclosure: The Investors News Magazine is a third party publisher of news and research as well as creates original content as a news source. Original content created by Investors News Magazine is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site may be compensated by featured companies for news submissions and content marketing. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.