HENDERSON, Nevada, June 7, 2019 /PRNewswire/ -- BRK, Inc. (the "Company") (OTC: BRKK) is pleased to announce the engagement of Samuel Michaels, founding lawyer of SM Legal to administer judgement won in the Company's successful patent infringement case against iSee Automation. Mr. Michaels is a dedicated corporate lawyer who first caught the attention of the Toronto business and legal communities in 2015 with the launch of his online legal platform, Canada Legal Help (www.canadalegalhelp.com).
SM Legal is assisting the Company with implementing its successful Washington-based judgement against iSee Automation, of which, a claim will be commenced in Toronto, Canada. "Utilizing the Washington judgement as our evidentiary foundation, efforts will be made to secure a valid Ontario judgement against iSee Automation," commented Daniel Serruya, CEO BRK, Inc. Following successful attainment of an Ontario judgement, the Company will assess and act as necessary to enforce the judgement and payment of monetary damages. Daniel Serruya, continued, "all actions will be taken in an efficient, economical and timely manner to ensure BRK Inc. can return its focus to its business growth and development as soon as possible."
The Company is also announcing on March 18, 2019, BRK, Inc. a Nevada corporation (the "Company"), entered into a Settlement Agreement and Stipulation (the "Settlement Agreement") with Continuation Capital, Inc., a Delaware corporation ("CCI"). Pursuant to the Settlement Agreement, the company agreed to issue shares of its common stock to CCI in exchange for the settlement of certain past due obligations and accounts payable of the Company (the "Subject Debts") in the aggregate amount of $91,156.38 ("the Settlement Amount"). Prior to its entering into the Settlement Agreement, CCI had purchased the Subject Debts from certain vendors of the Company, pursuant to separate claim purchase agreements between CCI and such vendors.
CCI sought payment of the Subject Debts by the Company in the matter entitled Continuation Capital Inc., a Delaware corporation, vs. BRK, Inc., a Nevada corporation ("the CCI Action"), in the Circuit Court of the Twelfth Judicial Circuit in and for Manatee County, Florida (the "Florida Circuit Court"). In settlement of the CCI Action, the Company and CCI entered into the Settlement Agreement. On March 18, 2019, the Florida Circuit Court entered an order approving the Settlement Agreement (the "CCI Order"). In the CCI Order, the Florida Circuit Court found, among other things, that the Settlement Agreement was fair to CCI, within the meaning of Section 3(a)(10) of the Securities Act of 1933, as amended (the "Securities Act"), and that the sale of shares of Company common stock (the "Settlement Shares") to CCI and the resale of the Settlement Shares by CCI, assuming satisfaction of all other applicable securities laws and regulations, will be exempt from registration under the Securities Act.
Pursuant to the terms of the Settlement Agreement, as approved by the CCI Order, the Company agreed to issue Settlement Shares to CCI in one or more tranches, as necessary, sufficient to satisfy the Settlement Amount, by delivery of one or more issuance requests (each, a "Share Request") to the Company. Each Share Request is to state the portion of the Settlement Amount to be satisfied by such Share Request. In accordance with the Settlement Agreement, the per share price of the Settlement Shares shall be equal to 45% of the lowest-traded price of the Company's common stock for the thirty-day trading period immediately preceding the date of the applicable Share Request. Share Requests shall be made by CCI, until such time as the Settlement Amount shall have been paid in full. Additionally, the Company is to issue, pursuant to Section 3(a)(10) of the Securities Act, 10,101,010 shares of its common stock to CCI, as and for a settlement fee.
The Settlement Agreement further provides that, in no event, shall the number of shares of Company common stock beneficially owned by CCI, or deemed beneficially owned by CCI, at any time, exceed 9.99% of the Company's then-outstanding shares of common stock, as determined in accordance with Section 16 of the Securities Exchange Act of 1934 and the regulations promulgated there under. The Company has initially reserved 500 million shares of its common stock to provide for issuances made pursuant to the Settlement Agreement.
About BRK, Inc.
BRK Inc. (OTC PINK: BRKK), established in 2008, is owner of the Helmet Camera intellectual property (patents-pending) that make the RefCam possible. With the acquisition of the live broadcast helmet camera patent, BRK is poised to enter sports marketing in a big way. iSee Sports Inc. is a wholly owned subsidiary of BRK, Inc.
The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are intended to be covered by the safe harbor provisions of the federal securities laws. Forward-looking statements often contain words such as "will," "anticipate," "believe," "plan," "estimate," "expect," "intend," "is targeting," "may," "should," ''poised,'' and other similar words or expressions. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those described in any of our other filings with the SEC. In addition, such statements could be affected by risks and uncertainties related to: (i) commercialization of our newly-acquired helmet camera, (ii) continuing development and protection of our intellectual property, (iii) unexpected industry competition, (iv) the need to raise capital to meet business requirements, and (v) our ability to sell our products in order to generate revenues. Forward-Looking Statements are pertinent only as of the date on which they are made, and the company undertakes no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future developments or otherwise. Any future public statements or disclosures modifying any of the forward-looking statements contained in or accompanying this news release, will be deemed to supersede such statements in this news release. Information on BRK Inc.'s website, http://www.brkincorporated.com does not constitute a part of this release.
SOURCE BRK, Inc.