Rich Dad Companies and Tigrent Inc. Agree to Restructure Licensing Agreement Steven C. Barre Appointed as Interim CEO of Tigrent
SCOTTSDALE, Ariz. and CAPE CORAL, Fla., March 17, 2010, /PRNewswire-FirstCall/ -- Rich Dad Operating Company, LLC, Rich Global, LLC, and Tigrent Inc. (OTC Bulletin Board: TIGE) today jointly announced that they have entered into a letter of intent to amend and restructure the agreements pursuant to which Tigrent licenses the Rich Dad Brand. Rich Dad Operating Company, LLC and Rich Global, LLC are entities controlled by Robert and Kim Kiyosaki. Mr. Kiyosaki is the author of the internationally best selling Rich Dad Poor Dad and other books that teach readers about financial literacy. Tigrent provides courses that are based on the teachings and philosophies outlined by Mr. Kiyosaki in the Rich Dad Poor Dad book series.
The new licensing agreement contains revised economic terms that improve Tigrent's ability to provide customer fulfillment services to Rich Dad customers. Additionally, Tigrent will provide the Rich Dad Companies with increased oversight in the areas of quality assurance and compliance. The agreement also commits Tigrent to new standards of excellence in their commitment to provide customers of Rich Dad Education products the best of class solutions in all aspects of its offering - from sale to course completion.
The restructuring agreement contemplates the issuance of 9.9% of Tigrent's issued and outstanding common stock to Rich Global and the redemption of Rich Global's 49% interest in Tigrent's affiliate that currently conducts the Tigrent-Rich Global operations. Among other things, the transaction will enhance cooperation in advertising, marketing, and educational programs to provide seamless support to the Rich Dad brand and its customers. The letter of intent contemplates that the parties will finalize the definitive agreements on or before March 31, 2010, but there can be no assurance that the parties will be able to enter into such definitive agreements.
Tigrent also announced that it has appointed Steven C. Barre to serve as its Interim Chief Executive Officer effective as of today's date. Mr. Barre has been on the Board of Directors of the Company since February 2008, and has served as the Company's Lead Director since June 2008. Mr. Barre has also served on the Company's Audit and Compensation Committees. Prior thereto, Mr. Barre served as Senior Vice President, General Counsel and Secretary of Jacuzzi Brands, Inc. (a New York Stock Exchange company with annual revenues in excess of $1 billion) from September 2001 until February 2007, when the company was sold. Mr. Barre served in various roles as in-house counsel from 1995 to 2001 for Jacuzzi Brands, Inc. (known as U.S. Industries, Inc. from 1995 to 2003) and from 1988 to 1995 for its former parent company, the U.S. arm of Hanson PLC, a large British-American industrial management company. Prior to joining Hanson, Mr. Barre was a corporate attorney with the law firm of Weil, Gotshal & Manges. Mr. Barre graduated from Cornell University in 1981 and Columbia Law School in 1984.
Tigrent also announced that Murray A. Indick, currently a member of Tigrent's Board of Directors, was appointed as the Chairman of the Board of Tigrent. The position of Lead Director has been eliminated.
Tigrent also announced that Charles M. Peck, Tigrent's former CEO, has left the Company.
About Tigrent Inc.
Tigrent Inc. (OTC Bulletin Board: TIGE) is a provider of educational training seminars, conferences and services across multiple delivery channels that help students become financially literate. The company provides students with comprehensive instruction and mentoring in real estate and financial instruments investing, personal finance, and entrepreneurism in the United States, United Kingdom, and Canada. Additional information can be found at www.tigrent.com.
About Rich Dad
The Rich Dad companies were formed based on the teachings of Robert Kiyosaki and Kim Kiyosaki. In 1996, the Kiyosakis formed certain of the Rich Dad group of entities to raise global financial literacy. The Kiyosakis continue their efforts on an international basis through the use of the Rich Dad series of books, CASHFLOW games, audio/video products, Internet channels, live seminars, and educational programs.
The Rich Dad series of books, launched with the "Rich Dad Poor Dad" book, was a New York Time bestseller for over 5 years and has sold copies throughout the world, translated into multiple languages. "Rich Dad Poor Dad" has been followed by additional books in the Rich Dad series and the Rich Dad's Advisor series.
Kim Kiyosaki is the author of the "Rich Woman" book; which is one of the top 50 best - selling personal finance books of all time.
Special Note Regarding Forward Looking Statements
This press release includes certain forward-looking statements which are based upon the Tigrent's current expectations and involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical statements of fact and those regarding the intent, belief or expectations of the Company, including, without limitation, Tigrent's ability to successfully restructure its licensing agreement with Rich Global on or before March 18, 2010. In order for Tigrent to utilize the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, investors are hereby cautioned that certain factors may affect these forward-looking statements, including but not limited to (i) Tigrent's ability to enter into a definitive revised licensing agreement which set forth the new licensing terms and related restructuring agreements with Rich Global on or before March 18, 2010, and (ii) additional risks which are identified in the Company's SEC filings, including but not limited to Tigrent's Annual Report on Form 10-K for the year ended December 31, 2008.
SOURCE Tigrent Inc.