FORT LAUDERDALE, Fla.,
June 2, 2015 /PRNewswire/ --
Reelcause, Inc. (OTC:RCIT) ("Reelcause"), a Florida-based global fundraising video
platform, announces the settlement of a lawsuit filed on
March 19, 2015 in the Circuit Court
of the Seventeenth Judicial Circuit, Broward County, Florida by Williams Holding
Corp. The suit alleged that Reelcause failed to pay Williams
Holding Corp. according to the terms of a Debt Purchase
Agreement.
On March 31, 2015, without
admitting any liability on its part, Reelcause entered into a
Settlement Agreement with Williams Holding Corp. in order to
resolve the action and agreed to pay $18,000 on the Debt Purchase Agreement in
complete settlement of the lawsuit. In lieu of cash, Williams
Holding Corp. agreed to accept shares of Reelcause's common stock
at a minimum value of $0.0048 per
share.
In accordance with a court order, dated April 23, 2015, approving the Settlement
Agreement, Reelcause will issue and deliver to Williams Holding
Corp. 3,750,000 shares of its common stock free of restricted
legend, pursuant to an exemption under Section 3(a)(10) of the
Securities Act of 1933, as amended, and Section 517.061 of the
Florida Securities and Investor Protection Act.
"We are glad that we were able to reach an agreement with
Williams Holding Corp. and to have the lawsuit resolved," says
Michael Jacobson, Reelcause CEO.
About Reelcause, Inc.
Reelcause is a groundbreaking, leading-edge program dedicated to
a smarter way to generate revenue and donations. Beyond social
networking for fundraising, Reelcause provides members with
significant revenue opportunities, while providing a tangible
rewards platform to an endless number of personal networks.
Revenue channel users are also afforded unparalleled
opportunities to partner with other organizations to
collaboratively reach goals and fundraise to achieve the greater
good. Your creativity and dreams are continuously rewarded through
the Reelcause dynamic PeopleSourcing © network.
Notice Regarding Forward-Looking Statements
This news release contains forward-looking statements, which
reflect our views with respect to future events and financial
performance. These forward-looking statements are subject to
certain uncertainties and other factors that could cause actual
results to differ materially from such statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date the statement was made.
We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. For all such forward-looking statements, we claim the
safe harbor for forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The Company
disclaims any obligation to update any forward-looking statement
made herein.
Investor Relations Contact:
Natalya Rudman
Crescendo Communications, LLC
Email: RCIT@crescendo-ir.com
Phone: 212-671-1020 Ext: 304
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/reelcause-inc-announces-settlement-of-lawsuit-300093171.html
SOURCE Reelcause, Inc.