MELBOURNE, Fla., Jan. 02, 2024 (GLOBE NEWSWIRE) -- via IBN — Branded Legacy (OTC: BLEG) is further highlighting its commitment to shareholders and future growth by announcing the final retirement of an additional 442 million common shares, bringing the total shares retired to an extraordinary 2.44 billion. This action surpasses the initial commitment and signifies management's unwavering dedication to shareholder value.
This development underscores Branded Legacy's commitment to responsible corporate governance and transparent communication with its investors. Notably, the retirements have resulted in management now owning zero common stock, aligning the company's leadership with the best interests of its shareholders.
The decision to retire an additional 442 million common shares is a testament to Branded Legacy's financial prudence and a reflection of the company's confidence in its current position and future prospects. Importantly, this initiative has been executed without resorting to a reverse split, demonstrating Branded Legacy's commitment to maintaining shareholder equity and market integrity. The Branded Legacy team further reaffirms that there will be no reverse splits in the foreseeable future, nor will there be any liquidation of preferred series shares.
"We are proud to announce the retirement of an additional 442 million common shares, surpassing our initial commitment and reaffirming our dedication to shareholder value," said CEO David Oswald. "This strategic move reflects our confidence in the company's trajectory and our unwavering commitment to transparency and responsible corporate governance."
The retirement of these shares also signals that Branded Legacy is well-positioned for the future, with no foreseeable liquidation plans on the horizon. This commitment to stability and growth provides shareholders with confidence and assurance in the company's long-term vision.
In other company news, Branded Legacy has pulled out of acquisition negotiations with a large-scale manufacturer in Ft. Lauderdale, Florida. In a statement regarding the termination of the acquisition process, CEO David Oswald commented: “After nearly two months of negotiations, we believed we had reached a deal that everyone could be happy about. Unfortunately, during our examination of the company’s assets and liabilities, we uncovered several issues that the seller attempted to hide during negotiations. As excited as we were to add several million dollars’ worth of assets to our portfolio, we are not willing to close a deal that isn’t rock solid.” This move reinforces Branded Legacy’s commitment to financial responsibility, and their willingness to prioritize long term success over short term optics.
In the company’s recent major news, it announced the successful acquisition of MariJ Pharmaceuticals, Inc. This acquisition, valued at well over $1,000,000, included USDA organic certifications, state-of-the-art equipment, a multi-vehicle fleet, multi-state licensing, award winning products, and a patent among a multitude of inventory and assets. This has significantly expanded the company’s portfolio and capabilities, demonstrating commitment to growth and innovation in the biotech sector, all acquired at pennies on the dollar.
Branded Legacy, Inc. (OTC: BLEG) is a diversified holdings company focused on the biotech sector. With a commitment to excellence and innovation, Branded Legacy specializes in the development and marketing of cutting-edge products and services. The company's diverse portfolio includes ventures in biotechnology, digital solutions, and wellness products, all aimed at enhancing the quality of life for its customers. Branded Legacy's strategic approach to growth involves identifying and integrating promising businesses and technologies that align with its mission to deliver sustainable, high-quality products and services.
Safe Harbor Statement on Forward-Looking Language:
This release includes forward-looking statements, which are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. Dilution, if any, would be for the purposes of management taking stock in lieu of cash salary. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, this press release that is not statements of historical fact may be considered to be forward-looking statements. Written words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future.
