WEST HOLLYWOOD, Calif., Sept. 22, 2021 /PRNewswire/ -- Broadside Enterprises, Inc. (OTC:BRSE) ("Broadside" or the "Company") has cancelled its merger with MonteCristo International Entertainment, LLC ("MCI") due to, among other things, undisclosed litigation against MCI, effective as of September 10, 2021.
Under the documents for the transaction, a party has the right to cancel the transaction for up to twelve months from the effective date if any of the other parties were the subject of a legal action. Broadside has become aware of three lawsuits and an arbitration action brought against MCI or its principals.
Upon exercising the right to cancel, Broadside's controlling stockholder, sole officer and sole director, Christopher Petzel, removed Michael Taverna and Cindy Nelson-Mullen as directors and officers of the Company and cancelled shares of Company stock issuable under the merger documents.
About Broadside Enterprises, Inc.:
Broadside Enterprises, Inc. (OTC: BRSE) is a publicly traded company in the entertainment and media business.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at http://www.OTCMarkets.com.
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
SOURCE Broadside Enterprises Inc.