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Court signs off on Top Shelf Brands Suit Settlement
Court signs off on Top Shelf Brands Suit Settlement.
About this update from Top Shelf Brands Hldgs Corp
[{"type":"text","content":"\n\n\n\nCourt signs off on Top Shelf Brands Suit Settlement\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\nCourt signs off on Top Shelf Brands Suit Settlement\nCEO Pierce looks forward to Besado launch after suit settlement\nPR Newswire\nHOUSTON, Sept. 17, 2014\n\n\n\nHOUSTON, Sept. 17, 2014 /PRNewswire/ -- Alonzo Pierce, CEO of Top Shelf Brands Holdings, Inc. (a Nevada Corporation) (OTCBB: TEMN), is pleased to announce that on Tuesday a judge from Florida's 13th Circuit Court signed off on the settlement between Top Shelf Brands Holdings, Inc. and Victory Partners, LLC.  The settlement has provided an avenue for Top Shelf Brands Holdings, Inc., and Victory Partners, LLC to reach an accord regarding the validity and ownership of the shares that were the crux of the embroiled court case. \n\n\"We are thrilled to have this behind us as it allows us to move forward and implement the company's business plan,\" Pierce said. \"Although we were confident in our case, prudence dictated that we settle this litigation. This case could have been tied up in the courts for quite some time and it would have continued to be a huge drag on company resources.\"\n\nThe settlement agreement states that the 1 billion shares of common stock and the 60 shares of Preferred A stock are valid and that the aforementioned shares will be simultaneously exchanged for 125 million shares of restricted common stock. Additionally, a friendly shareholder of Top Shelf Brands Holdings, Inc. has agreed to surrender 125 million shares back to the company's treasury. These 125 million common shares will be used to offset the issuance of the new restricted stock being granted to Victory Partners, LLC in return for both parties granting a full release of liability.\n\nOnce returned, the 1 billion common shares and 60 shares of Preferred A Stock will be permanently retired. After the transactions of the settlement are complete, the company is happy to announce that the share structure will remain the same. The current Outstanding Shares and float level will be the same as those recorded in the company's la...