August 29, 2016 09:41 ET
VAUGHAN, ONTARIO--(Marketwired - Aug. 29, 2016) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES.
Rockefeller Hughes Corporation ("Rockefeller" or the "Company"), listed on the TSX Venture Exchange (TSX VENTURE:RHC), is pleased to announce that is has come to final settlement with the 3 remaining shareholders in a previously disclosed litigation matter dating back to 2013. As announced formerly, the Company and defendants had already entered into settlement agreements with 9 of the 12 original plaintiffs in this litigation matter and have now completed settlement agreements with the remaining 3. Claims by the settling plaintiffs against the defendants are on a without prejudice basis and the parties have provided full and final mutual releases.
The Company would also like to announce that it has dissolved its wholly-owned subsidiary RHC Energy (USA), LLC ("RHC Energy"). RHC Energy held Rockefeller's oil and gas assets in Texas. The basis for the decision to dissolve RHC Energy was that it no longer contained any assets and Rockefeller has no further intention of pursuing oil and gas interests in Texas. RHC Energy took all reasonable steps to discharge its liabilities prior to dissolution. The Company is pursuing strategic alternatives at this time.
About Rockefeller Hughes Corporation
The Company is listed on the TSX Venture Exchange under the symbol RHC. There are currently 75,216,186 common shares issued and outstanding. For additional details please visit Rockefeller's website at www.rockefellerhughes.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term that is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Rockefeller Hughes CorporationMichael Graham(905) firstname.lastname@example.org
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