SOURCE: New Leaf Brands

New Leaf Brands

October 06, 2015 13:12 ET

New Leaf Brands Provides Update and Correction

DANBURY, CT--(Marketwired - October 06, 2015) - New Leaf Brands Inc. (OTCBB: NLEF), a holding company seeking to acquire select regional or segment brands, today provided an update on its efforts and a correction to a previous press release.

In its press release dated June 10, 2015, NLEF provided a status report concerning actions the Company pursued to remedy its relationship with the lender. Since that time, we have negotiated with the lender and are reasonably confident that the substantive outstanding issues between the parties will be settled favorably. The lender has agreed to allow the Company to create a new subsidiary that would be free to seek financing for acquisitions by the Company.

New Leaf's CEO, David Fuselier, stated, "We believe this is an important step toward funding our acquisitions. To be clear, our ability to execute on our strategy is dependent on this crucial structure. We have reviewed small operations in New Jersey, New York and Florida for acquisition. The revenues of these operations are between $1,000,000 and $3,500,000. To date, we have not signed any letters of intent."

Additionally, management reported that it continues to manage the Company's legacy New Leaf creditor claims as well as creditor claims resulting from the closure of its distribution operations in Maryland.

The Company also issued a correction to its June 10, 2015 press release. In that press release management stated, "We have discussed in great depth with our legal counsel and with regulatory authorities our follow on courses of action." The phrase "discussions with regulatory authorities" should have been stricken. "While we have had great detailed discussions with our counsel, as we should, we have not had discussions in great depth with regulatory authorities other than the one with which we are regulated," said Fuselier.

About New Leaf Brands

New Leaf Brands seeks to acquire select regional or segment brands. For our customers, we will provide trusted branded products and services. For our shareholders, we seek to acquire companies that build, maintain and nourish shareholder value. Our corporate mission is to be the best small-cap brands company in North America.

This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's 10-Ks and 10-Qs on file with the Securities and Exchange Commission.

Contact Information

  • CONTACT INFORMATION

    Contact:
    David N. Fuselier
    CEO
    (203) 628-7142