Business
TOCCA Life Holdings, Inc., the First Publicly Traded Sober Living Company in History, Clears Approximately $6 Million in Liabilities by Finalizing the Share Exchange Agreement Including Spinning-off Its Wholly Owned Subsidiary, Xirxi Co. Ltd.
TOCCA Life Holdings, Inc., the First Publicly Traded Sober Living Company in History, Clears Approximately $6 Million in Liabilities by Finalizing the Share Exchange Agreement Including Spinning-off Its Wholly Owned Subsidiary, Xirxi Co. Ltd..
About this update from Tocca Life Holdings, Inc.
[{"type":"text","content":"\nTOCCA Life Holdings, Inc., the First Publicly Traded Sober Living Company in History, Clears Approximately $6 Million in Liabilities by Finalizing the Share Exchange Agreement Including Spinning-off Its Wholly Owned Subsidiary, Xirxi Co. Ltd.\n\nTOCCA Life Holdings, Inc., the First Publicly Traded Sober Living Company in History, Clears Approximately $6 Million in Liabilities by Finalizing the Share Exchange Agreement Including Spinning-off Its Wholly Owned Subsidiary, Xirxi Co. Ltd.\n\n LAKE WORTH, FL--(Marketwired - October 05, 2015) - TOCCA LIFE HOLDINGS, INC. (OTC PINK: TLIF)The spin-off allows the company to focus on its core businesses in the addiction recovery and clinical toxicology space and is the final deliverable under the share exchange agreement among TOCCA Life Holdings, Inc. (fka T-Bay Holdings, Inc.), TOCCA Life Coaching, Inc. and the shareholders of TOCCA Life Coaching, Inc. Under the terms of the spin-off the company acquiring Xirxi Co. Ltd. (“Xirxi”) will assume $5,700,000 in liabilities associated with that business in exchange for the business of Xirxi, including its assets carried on the books that are valued at $1,233,575. This clears almost $6 million in liabilities from the Company’s financial statements. CEO, Tyler Cornell, stated, “I’ve always tried to practice patience and perseverance with daily positive progress independent of the risks associated with any one deal that I’m working. This time, my goals were complemented by more than building a business or being controlled by a business model instituted by my employer, but instead, by the TOCCA clients to whom we are responsible. Our clients’ daily battle with the disease of addiction is so much harder than the delays inevitable in business. Clearing approximately $6 million of liabilities, thanks to those currently involved, is not only emblematic to the cause but clears the path for an extremely promising business model designed to help the more than 25% of American families directly affected by the disease of addiction.\"Cornell went on to say, “I think everyone involved, is just waging a war on drugs via the lack of demand, rather than relying on billions of tax payer dollars spent to simply protect the public after their unlawful use.”Although details have not been disclosed, TOCCA Life ha...