Michael P. Grande and Randolph S. Hudson have this morning announced that the parties have agreed to rescind their agreement with Robert J. Corr to acquire Apple Rush Company, Inc., effective immediately.
Apple Rush Company, Inc., a Texas corporation (US.APRU.PK), together with each of its subsidiaries ("Apple Rush"), was acquired by First Hudson Trust of New York ("First Hudson") and Electronic Merchant Systems Rochester, Inc., a New York corporation ("EMS") on or about January 5, 2014. However, the parties have had ongoing disagreements concerning Apple Rush's future direction.
First Hudson and EMS acquired Apple Rush with the intent to market beverages, although none that were to be marketed under the Apple Rush brand.
Following discussions over the past week with Mr. Corr's counsel, and, in view of the transaction pending between Mr. Corr and LiveWire Ergogenics, Inc. ("LiveWire"), First Hudson and EMS have jointly decided, without reviewing the merits of the transaction, that the best course of action for Apple Rush's shareholders, and for the other companies within The Hudson and Grande Organization, was to permit Mr. Corr to engage in the transaction with LiveWire. (Apple Rush's shareholders should not rely on First Hudson's and EMS's withdrawal from the Apple Rush transaction to be interpreted as any endorsement, recommendation, or disapproval by them, as to the adequacy, sufficiency or advisability of the LiveWire transaction or of Apple Rush's future business endeavors.)
Consequently, as the result of the rescission, First Hudson and EMS, respectively, and Michael P. Grande, Randolph S. Hudson, and the companies comprising The Hudson and Grande Organization, do not have any ownership, affiliation, or other business in or with Apple Rush or with RushNet, Inc. Mr. Grande, Mr. Hudson, and the other officers and directors of Apple Rush have submitted their resignations to all concerned parties, accordingly. Based on these indications, at least as of this moment in time, Mr. Corr is again the principal shareholder and sole officer and director of Apple Rush.
Mr. Grande and Mr. Hudson wish Apple Rush's shareholders success under Mr. Corr's leadership and thank them for their encouraging words during First Hudson's and EMS's ownership of Apple Rush.
[This announcement may contain "forward looking" statements and the issuers of this announcement seek "safe harbor" for their forward-looking statements, as such terms are defined in Section 21E and/or Section 27A of the Act. The issuers of this announcement seek further relief for their forward-looking statements as permitted under the Private Securities Litigation Reform Act of 1995. As with the securities of the companies mentioned in this announcement or otherwise, investors should seek professional advice regarding any investment in any company, as there are numerous risks associated with any such investment. Nothing in this announcement is intended to solicit or offer to sell or buy, or to sell or buy, the securities of any company.]