Republic of Texas Moves Closer to Reorganization Plan Approval

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

C_Swiss_Plakat_2Republic 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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