Branded Legacy, Inc. Buys Back Over 17 Million Free Trading Common Shares
Charlotte, NC , Jan. 09, 2023 (GLOBE NEWSWIRE) -- Branded Legacy, Inc. (OTC: BLEG), a holding company focused on the commercial development of cannabinoid-infused products from CBD topicals and tinctures to edibles is pleased to announce it has negotiated the reduction of its float by Seventeen Million Five Hundred and Twenty Thousand (17,520,000) free trading common shares.
Brandon Spikes, chairman of Branded Legacy, Inc., stated, “We have continuously been working on share structure over the last several months. In doing so, last week have bought back 17,520,000 free trading shares out of the float, in exchange for a non-convertible promissory note. This is huge for our shareholders.”
Spikes concluded, “In the past six months we successfully reduced our issued and outstanding common shares by One Hundred and Seventy-Nine Million Five Hundred and Twenty Thousand (179,520,000) shares. In addition, we lowered the company’s liabilities by four hundred and thirty-six thousand one hundred and nineteen dollars ($436,119) as well as reduced its authorized shares by Three Hundred Million (300,000,000) bring our total authorized shares to Six Hundred Million (600,000,000).
In a previous news release, the company announced the acquisition of ReelSkinz. ReelSkinz is more than just a lifestyle brand; it is a company that combines practicality, protection, and fashion into the ultimate ocean and outdoor apparel.
Branded Legacy, Inc. purchased these 17,520,000 free trading shares in exchange for a non-convertible promissory note. The determined price was based on a share price of $.01 making this promissory note in the amount of $175,200. This note will be due in 12 months and has an interest rate of 7.5%.
About Spikes CBDX: Spikes CBDX is a line of CBD products designed to assist athletes perform better and recover faster. The Company believes that post workout recovery, with Spikes CBDX products, can lower inflammation, aid in making your body stronger, and help recover from injuries naturally. The CBD line also targets individuals who are looking for pain relief, better sleep, faster recovery and lowering inflammation. Spikes CBDX provides tinctures, lotions, moisturizer, and cryo-gel roll-ons. To view all the Spikes CBDX products please visit: spikescbdx.com.
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Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company’s control.