Under the Symbol:
Tiger Reef Closes Major Financing, Updates Path Into $492M Cannabis & CBD Clean Energy Space
Friday, June 28, 2019 8:00 AM
MIAMI, FL / ACCESSWIRE / June 28, 2019 / Tiger Reef, Inc. (OTC PINK: TGRR) ("Tiger Reef" or the "Company"), an emerging leader in cost-efficient clean energy solutions targeting the CBD and legal Cannabis markets and producer of ultra-premium rums under the Tiger Reef® brand designation, is excited to announce the formal closing of a new financing deal that may ultimately provide the Company with up to $7.6 million in new financial resources.
J. Scott Sitra, Tiger Reef's President and CEO, stated, "After many false starts, delays, and negotiating impasses, it brings me great pleasure to announce Tiger Reef now has the financing to resume full operations and grow into the long-term vision we all share. With this backing, we will prepare to dramatically expand our footprint in the $492 million cannabis clean energy market and finalize documentation for importing our ultra-premium rum products into the $2.7 billion US rum market."
Pursuant to the terms of the new financing deal, GPL Ventures, LLC is providing Tiger Reef with up to $100,000 in new bridge financing with the intent of investing up to a further $7.5 million through a planned Regulation A Offering.
Tiger Reef has already begun deploying bridge funds to retain Get OTC Current, an accounting firm specializing in OTC listed companies, through which the Company has obtained Alternative Current Reporting status. Get OTC Current will remain on retainer to keep Tiger Reef current on an ongoing basis. The Company also used the bridge funding tranche to change its transfer agent to Olde Monmouth Stock Transfer, Inc. and retain legal counsel to prepare and file the planned $7.5 million Regulation A Offering.
Management anticipates that it will take up to another three months to bring the Company to file and have the SEC declare its Regulation A Offering "effective", after which the Company will use the Reg A proceeds to:
- Launch new CBD and cannabis solar energy development and operations initiative;
- Build a substantial portfolio of solar and clean energy projects in tax favorable jurisdictions;
- Finalize regulatory approval for the importation of its ultra-premium Tiger Reef branded rum into the US market;
- Become debt-free through the settlement of all outstanding debts and accounts payable;
- Explore new growth and expansion opportunities within its target markets through strategic M&A; and
- Commence an investor relations program to keep shareholders appraised of new and ongoing events far more regularly in the future.
"It's extremely exciting to finally have this deal nailed down," continued Mr. Sitra. "This paves the way for an aggressive path forward for Tiger Reef, and I truly look forward to sharing the Company's milestone achievements with our dedicated shareholders as we significantly ramp up operations over coming weeks and months."
About Tiger Reef
Tiger Reef, Inc. is a developer and operator of solar and clean renewable energy projects focused on reducing overall energy costs and the carbon footprint for Cannabidiol (CBD) producers and legalized marijuana growers. Tiger Reef also has developed a line of ultra-premium rums under the Tiger Reef® brand. For more information, visit www.tigerreefinc.com.
Forward Looking Statements
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Tiger Reef, Inc. ("Tiger Reef") assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, other than as required pursuant to applicable securities laws. For a description of additional risks and uncertainties, please refer to Tiger Reef's filings with the Securities and Exchange Commission, including "Risk Factors" in its Annual Report filed on Form 10-K.
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SOURCE: Tiger Reef, Inc.