RG Global Announces Settlement of Litigation With NIR Group
Thursday January 24, 10:49 am ET
ANAHEIM, Calif., Jan. 24 /PRNewswire-FirstCall/ -- RG Global Lifestyles, Inc. (OTC Bulletin Board: RGBL - News) announced today that it had resolved all litigation with NIR Group, which, through its affiliates, held Convertible Notes issued by RG Global. As part of the settlement, NIR Group will receive certain payments for the Convertible Notes to be paid out of proceeds RG Global received in connection with a claim on a key man life insurance policy it held, and will retain its outstanding warrants.
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Grant King, RG Global's CEO, stated: "RG Global asserted many counterclaims against NIR Group's affiliates, including claims of unlawful stock trading. In the course of extensive pre-trial investigation, we found no evidence to justify pursuing these claims and now wish to withdraw them, without further drain on our time and resources."
Corey Ribotsky, Chairman of NIR, stated, "The NIR funds have been scrupulous in honoring their agreements and complying with the law. We only brought suit because we were left with no other choice. We are glad to resolve the matter on terms that are beneficial to our investors and to RG Global, where we will continue as a major investor through our warrants. We are confident that Grant King can lead RG Global forward with its business plan."
About RG Global
RG Global develops and markets water purification and wastewater treatment products and technologies as well as bottled beverages. Its Catalyx Fluid Solutions division focuses on the sale/lease of its Catalyx® proprietary wastewater treatment technology for energy production and industrial applications. RG's OC Energy(TM) subsidiary manufactures and distributes bottled energy drinks and oxygenated water under the OC Energy brand. The Aquair(TM) subsidiary is the exclusive distributor of licensed atmospheric water generators that produce purified water from air. For more information, visit rgglife.com.
Safe Harbor Statement
The statements contained herein that are not historical are forward- looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward- looking statements, including, but not limited to, risks associated with water generation products, risks associated with dependence on third parties, and other risks identified from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company, or persons acting for the Company, are expressly qualified in their entirety by these cautionary statements.
Contact: Julie Shepherd, Accentuate PR, (815) 479 1833,
Julie@accentuatepr.com |
