BRK, Inc. Enters Settlement Agreement With Auctus Fund, LLC and Sets Collection Procedure for $2.4 Million Judgment With a Share Buyback Plan
HENDERSON, Nevada, March 21, 2019 /PRNewswire/ -- BRK, Inc. (the "Company") (OTC:BRKK) is pleased to announce they have executed a Settlement Agreement with Auctus Fund, LLC to retire their outstanding convertible debt and release the Company of a $700,000 judgment against it for $185,000. BRK expects the General Release of All Claims executed by both parties to be filed in court later this month. A further announcement will be made once completed. In addition, the Company's legal team is pursuing enforcement procedures to begin collecting on BRK's $2.4 Million judgment against iSee Automation and are applying to have the judgment enforced in Canada as well.
These preparations also include additional court proceedings, to continue with the protection and enforcement of BRK's valuable intellectual property rights. These proceedings will include claims in Canada and the United States against both corporate and individual defendants in their personal capacity. It is BRK's position that the ongoing continued infringement of its valuable rights has been done with full knowledge and intent, including the establishment of new companies created with full knowledge and solely for the purpose of pursuing these unlawful and infringing activities. Daniel Serruya CEO BRK, Inc. commented, "Management is excited to have the Company's largest debt holder off the balance sheet as we move forward with growing the Company. Our first priority was to defend our Intellectual Property then clean the balance sheet of the toxic debt put in place by previous management. With close to $1 million of debt removed from the balance sheet since January, mostly consisting of the highly dilutive toxic debt, it has allowed management to concentrate on developing partnerships and business relationships to begin generating top line revenue."
Mr. Serruya continued, "With the successful lawsuit and $2.4 Million judgment, management would like to announce a plan to use 50% of the judgment proceeds to buyback shares of the Company in the open market. Management feels the shareholders should also benefit in a more direct manner for their continued support of BRK, Inc. In addition, if the Company is successful in any other lawsuits or settlements for IP infringement, management will apply the same standard to any further judgments."
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.
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SOURCE BRK, Inc.
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