Bankruptcy Disclosure Plan Accepted by the Courts, RTXBQ to Emerge From Chapter 11 in a Favorable Plan
RTXBQ Plan Designed to Benefit Existing Loyal Shareholders
DALLAS, TX–(Marketwired – May 28, 2014)
Republic of Texas Brands, Inc. (PINKSHEETS: RTXBQ) has presented an amended Bankruptcy Reorganization Plan and Disclosure Statement, and the Disclosure Statement, as amended, was accepted by the Court last week as a viable and shareholder friendly exit strategy. The Disclosure Statement has now has been signed off by the Court and the process will now enter its next stage which is a confirmation hearing on the Amended Plan which should occur by the end of June. Jerry Grisaffi, the CEO, stated, “There are no known objecting parties to the reorganization plan and we expect the upcoming confirmation hearing to ratify the plan. Looking forward to the emergence of Chapter 11 and RTXB once again being a whole company the loyal shareholders will certainly benefit by an Outstanding Share count that will be reduced by 500,000,000 down to approximately 211,000,000 and we will press forward to reducing the Authorized Share count back from 5,000,000,000 to 400,000,000. In addition we have been in search of a new CEO to move Republic of Texas Brands forward and which we believe will be announced in the near future.”
As of February 13, 2014 the company has changed its business plan to the distribution of legal hemp based products to be targeted in the State of Texas and to develop a network of retail sellers so that the company can develop a firmly established foothold in the cannabis market place prior to the eventual anticipated decriminalization of marijuana in Texas. In addition the company has also marketed products via Amazon.com to achieve a national sales presence and to reinforce to the general public the strength and resolve of Republic of Texas Brands.
Upon the completion of our reorganization through the amended Plan being confirmed, the acquisition with CHILL Texas will be finalized.
Click here to order from the Republic of Texas Brands store at AMAZON.com:
About Republic of Texas Brands Incorporated:
Our mission is to find the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit.
Visit the corporate website at: RepublicOfTexas.com
For more information: finance.yahoo.com/bankruptcy-disclosure-plan-accepted-courts
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