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Reelcause, Inc. Announces Settlement of Lawsuit
Reelcause, Inc. Announces Settlement of Lawsuit.
About this update from Reelcause, Inc.
[{"type":"text","content":"\n\n\n\nReelcause, Inc. Announces Settlement of Lawsuit\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nReelcause, Inc. Announces Settlement of Lawsuit\nPR Newswire\nFORT LAUDERDALE, Fla., June 2, 2015\n\n\n\nFORT LAUDERDALE, Fla., June 2, 2015 /PRNewswire/ -- Reelcause, Inc. (OTC:RCIT) (\"Reelcause\"), a Florida-based global fundraising video platform, announces the settlement of a lawsuit filed on March 19, 2015 in the Circuit Court of the Seventeenth Judicial Circuit, Broward County, Florida by Williams Holding Corp. The suit alleged that Reelcause failed to pay Williams Holding Corp. according to the terms of a Debt Purchase Agreement. \n\nOn March 31, 2015, without admitting any liability on its part, Reelcause entered into a Settlement Agreement with Williams Holding Corp. in order to resolve the action and agreed to pay $18,000 on the Debt Purchase Agreement in complete settlement of the lawsuit.  In lieu of cash, Williams Holding Corp. agreed to accept shares of Reelcause's common stock at a minimum value of $0.0048 per share.   \n\nIn accordance with a court order, dated April 23, 2015, approving the Settlement Agreement, Reelcause will issue and deliver to Williams Holding Corp. 3,750,000 shares of its common stock free of restricted legend, pursuant to an exemption under Section 3(a)(10) of the Securities Act of 1933, as amended, and Section 517.061 of the Florida Securities and Investor Protection Act.\n\n\"We are glad that we were able to reach an agreement with Williams Holding Corp. and to have the lawsuit resolved,\" says Michael Jacobson, Reelcause CEO. \n\nAbout Reelcause, Inc.\n\nReelcause is a groundbreaking, leading-edge program dedicated to a smarter way to generate revenue and donations. Beyond social networking for fundraising, Reelcause provides members with significant revenue opportunities, while providing a tangible rewards platform to an endless number of personal networks.  Revenue channel users are also afforded unparalleled opportunities to partner with other organizations to collaboratively reach goals and fundrai...