Treasure & Shipwreck Recovery Files Court Action to Affirm Non-Shell Status
ST. PETERSBURG, Fla., Nov. 13, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Treasure & Shipwreck Recovery, Inc. (“TSR” or “the Company”), currently trading on the OTC as BLIS, announces that it has filed declaratory action in the Florida court system to affirm it is not and has never been a “shell” company as defined under the Securities Act. While the Company knows its history, it wants to affirm with a binding court order that no such question could exist. The reason for the suit is to protect the shareholders and the investing public and to affirm that brokers, shareholders and others know the history of the Company.
On Nov. 9, 2019, the Company filed a declaratory action in the Sixth Judicial Circuit Court for Pinellas County, Florida, for the purpose of obtaining a judicial declaratory judgment as to the Company’s status under the Securities laws regarding whether the Company has ever been a “shell” company under the Securities laws. Pursuant to Chapter 86 of the Florida statutes, the court will render a decision regarding whether the Company has ever met the definition of being a shell company under Rule 405 of the Securities Act, so that all shareholders will be able to utilize Rule 144 and otherwise be able to enjoy complete ownership and sale of such shares.
Acting CEO of TSR Craig A. Huffman, a veteran attorney for securities litigation, stated, “Sometimes there are companies that need to clarify for the world that they have never been a ‘shell’ under the Securities definition. I have done these kinds of declaratory actions a number of times to prove that companies should never live under the shadow of question of being a shell, which sometimes arises. Here, an independent judge can make a binding ruling that TSR is not, nor has it ever been, a ‘shell’ under Rule 405.”
The Company brought the suit seeking a definitive ruling from a court on such matter, as to whether under the evidence to be presented, including corporate history of financials, SEC filings and historical evidence, the Company has ever been a shell as defined under Rule 405.
The hearing on such matter will be set in the Sixth Circuit Court of Florida, Pinellas County. The Company is represented by Alex R. Stavrou, Esq., of Tampa, in such matter.
FORWARD LOOKING STATEMENTS: This press release and the statements of representatives of TSR. (the “Company”) related thereto contain, or may contain, among other things, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements,” including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as “guidance,” “projects,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “ultimately” or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results (including, without limitation, TSR’s ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with OTC Markets (Pink Sheets). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
COMPANY CONTACT: Website: www.treasurewreck.com
Craig A. Huffman EMAIL: Craig@treasurewreck.com
INVESTOR RELATIONS: TELEPHONE: (877) 723-5477