Bankruptcy Disclosure Plan Accepted by the Courts, RTXBQ to Emerge From Chapter 11 in a Favorable Plan
28 May 2014 - 11:20PM
Marketwired
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:
http://www.amazon.com/gp/aag/main/ref=olp_merch_name_1?ie=UTF8&asin=B00DE1EZMG&isAmazonFulfilled=0&seller=A2KX6CKNKJOQAL
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.
http://www.republicoftexas.com.
Safe Harbor Act: This release includes forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that involves
risks and uncertainties including, but not limited to, the impact
of competitive products, the ability to meet customer demand, the
ability to manage growth, acquisitions of technology, equipment, or
human resources, the effect of economic business conditions, and
the ability to attract and retain skilled personnel. The Company is
not obligated to revise or update any forward-looking statements in
order to reflect events or circumstances that may arise after the
date of this release.
Contact: Jerry Grisaffi CEO Email Contact
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