RightSmile Settles Lawsuit against Former Owners of Global Branding, LLC and Maintains All of Its Assets
November 01 2011 - 1:57PM
Business Wire
RightSmile, Inc. (Pink Sheets:RIGH) has reached a settlement in
the lawsuit against Peter Langone and Joseph Elkind, the former
owners of Global Branding, LLC, seeking to recover certain assets
owned by RightSmile and its subsidiaries. While the parties have
entered into a Stipulation of Settlement to, among other things,
rescind the securities exchange agreement pursuant to which
RightSmile acquired Global Branding, LLC, RightSmile had also moved
to hold Langone and Elkind in contempt of court for failing to
comply with certain conditions of the Stipulation of Settlement.
RightSmile as part of the settlement has agreed to rescind the
purchase of Global Brands, LLC and relinquish the name Kazore
Holdings, Inc and all of its subsidiaries. RightSmile has kept all
the assets of Kazore that were acquired in February including its
client list and has begun operating under a new name DevTek, LLC as
of July 1, 2011.
Although the rescission agreement cost the company the name
“Full Spectrum Media” and the financials will not show any revenue
during the last 5 months, the company has been fully operational
servicing such clients as Hard Rock Hotels and Casino, Duty Free
Shops, Fruit Fresh Delivery and River Cross LTD to name a few.
RightSmile has recently entered into a transaction to regain
control of the Company so it can move forward with a reverse merger
with another company. RightSmile will officially announce this
transaction once the last two quarters have been posted on
PinkSheets and the Company is restored to a “Yield Sign”.
The foregoing press announcement contains forward-looking
statements that can be identified by such terminology such as
"believes," "expects," "potential," "plans," "suggests," "may,"
"should," "could," "intends," or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by such statements. In
particular, management's expectations could be affected by, among
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
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