Business
Tiger Reef Issues Post Hurricane Irma Shareholder Update
Tiger Reef Issues Post Hurricane Irma Shareholder Update.
About this update from Tiger Reef Inc
[{"type":"text","content":"\n\n MIAMI, Oct. 11, 2017 (GLOBE NEWSWIRE) -- Tiger Reef, Inc. (OTCQB:TGRR), a diversified producer of ultra premium rums under the Tiger Reef® brand and a developer of casual dining restaurant properties throughout the Caribbean under the Mermaid Reef Ocean Grill & Lounge™ brand, issues its first statement and shareholder update since its St. Maarten headquarters experienced a direct hit from Hurricane Irma during the early morning hours on September 6, 2017.\n Hurricane Irma Damage Report  Hurricane Irma hit the Caribbean and our St. Maarten headquarters with minimum sustained winds of 185mph and locally recorded gusts approaching 300mph.  95% of the structures on St. Maarten sustained some level of damage with upwards to 70% of the structures losing some, if not all, of their roofs.  Tiger Reef was not an exception. Our office headquarters suffered catastrophic damage during the storm.  The roof of the building was ripped off during the storm allowing for flooding which was followed by a small electrical fire (extinguished, we assume, by the incredible wind speeds generated by the storm).  All of our office equipment, computers, paper files (electronic files were backed up offsite and have been recovered), etc. was damaged beyond repair during the storm.  Some equipment has since been replaced and phone service restored which has allowed Management to resume a normal level of operations. Simpson Bay Resort & Marina Mermaid Reef Ocean Grill & Lounge™ Tiger Reef was in the process of renovating a leased waterfront restaurant space in the Simpson Bay Resort & Marina in preparation of opening the first Mermaid Reef Ocean Grill & Lounge™ in time for the 2017 tourist season.  We were two weeks into renovating the restaurant space when Hurricane Irma struck. Simpson Bay Resort & Marina and our restaurant location also suffered massive damage and flooding.  The following YouTube video shows the level of damage caused to this resort by Hurricane Irma: https://vimeo.com/235096890. Management from both Tiger Reef and Simpson Bay Resorts & Marina have had multiple discussions since the storm regarding the future of the resort and restaurant.  It is estimated that the resort will be closed for a minimum of six months, probably longer, before it...