International Brands, Inc. Refutes Erroneous SEC Allegations
Stella Bella Corporation, USA, a wholly owned subsidiary of International Brands Inc. (OTC BB: INBR) wishes to respond to the press release issued by the SEC regarding their action filed by the agency in US District Court.
"All allegations made by the SEC are false and erroneous," said Steven Zubkis, Senior Financial Advisor at International Brands, Inc. Zubkis states he is convinced that this is clearly a retaliatory action resulting from a pending lawsuit filed by the company's senior financial advisor against the agency.
As a legal issue, Zubkis described the complaint filed by the SEC as a cross complaint , since the SEC is a defendant in a $200 billion lawsuit pending against the agency filed by Zubkis. A hearing in the suit against the SEC is scheduled for November 17, 1997 in Federal District Court. One of the issues alleged in the corruption by an SEC official, without regard to Stella Bella shareholders who have invested their hard earned money.
Zubkis further characterized the action as an intimidation tactic, representing malfeasance by the SEC. Zubkis feels that the SEC's actions strongly resemble the harassment tactics and endemic corruption that was recently exposed in the Congressional hearings into the abuses of another Federal regulatory agency, the IRS, which resulted in an unprecedented public apology to the American people.
Stella Bella recently won a New Jersey lawsuit that alleged illegal stock sales by Z3 Capital Corporation, a venture capital firm that raises capital for Stella Bella Corp.
Z3 Capital Corp. is not regulated by the SEC, and is not under the jurisdiction of the SEC, and not required to pay any fees to the agency. Company stock is sold in private transactions to private investors. These transactions by Z3 are conducted in a manned based on legal opinion provided by securities attorneys. Z3 recently documented to the New Jersey court that close to $9.5 million went directly to Stella Bella Corporation, USA.
Zubkis feels that SEC's actions and ensuing press release are especially unconscionable in light of the agency's intended role to protect investors. The SEC's press release based on erroneous allegations immediately hurts investors by jeopardizing company acquisitions and sales.
As an expression of confidence in the future growth and profitability of International Brands, Inc. and Stella Bella Corp. USA the company has recently issued a "Stock Appreciation Right" to shareholders of the record day of November 24, 1997, which is essentially a guarantee by the company that the stock will reach $54 within two years or the shareholder earns additional shares.
IBI is a fast growth international food, beverage and retail company which markets gourmet coffee and other products under the Stella Bella brand name. The company is currently launching new coffee beverages in California. |
