WHIPPANY, NJ–(Marketwired – Jan 17, 2017) – Michael James Enterprises, Inc. (OTCQB: MJTV) is pleased to report that it has eliminated more than $1,000,0000 of debt and liabilities with the spin off of BullsNBears Holdings, Inc. on December 27, 2016.
As part of the proposed merger agreement which was not concluded, certain assets and liabilities were to remain with BullsNBears Holdings, Inc. The parties agreed that despite the merger not occurring, it was in the best interest of MJTV to continue with the spin out provision. The issuance of any dividend shares, as contemplated in the agreement, is the responsibility of the management of BullsNBears Holdings, Inc. This continues and now finishes the clean up of certain capital and capital structure that the current management had undertaken. CEO James M. Farinella is in the process of retiring 8.7 million common shares from the outstanding as was previously announced.
MJTV CEO James M. Farinella stated, “I am extremely pleased to have the spin off behind us and now all focus can be on building our business. I now strongly believe that we have the capital structure in the best position possible for building shareholder value moving forward.”
Safe Harbor Statement This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “will,” “expects,” and other terms with similar meaning. Forward-looking statements are based on current beliefs, assumptions and expectations and speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
Michael James Enterprises, Inc.
760 Route 10 West, Suite 203
Whippany, NJ 07981