ALLIANCE CREATIVE GROUP (ACGX) SETTLES LAWSUIT WITH GOLDEN STATE EQUITY INVESTORS
Disputed Convertible Debenture to be retired
CHICAGO, IL - Alliance Creative Group, Inc. (AllianceCreativeGroup.com) (OTC: ACGX) is pleased to announce the lawsuit between Golden State Equity Investors, Inc. and Alliance Creative Group, Inc. related to a dispute over financing instruments has been settled and the case will be dismissed.
The parties both had claims against each other in the U.S. District Court of Southern California. In exchange for some preferred equity shares in ACGX, an existing investor has agreed to purchase the potential rights Golden State may have had in the financing instruments. This exchange agreement will allow the company to retire the debt in full and dismiss the lawsuit. Some additional paperwork, filings, and legal transactions are required to completely finalize this settlement and exchange, However, all parties are in agreement of the final terms and money is being held in escrow.
Paul Sorkin, COO and General Counsel, said “This situation has been an ongoing issue for the company for years and we believe the uncertainty has put a tremendous amount of pressure on our Company. This settlement and exchange agreement is a great opportunity for us to reduce our debt, resolve any uncertainty about any potential claims, and allow us to focus more on growing our business and hopefully improving our overall Company’s financials.”
About Alliance Creative Group, Inc.
Alliance Creative Group, Inc. (Stock Symbol: ACGX) is a full-service product-development agency that since 1997 has been helping clients connect their products and services to their customers. ACG focuses on creative and design services, printing and packaging, brand and product development, fulfillment, logistics and transportation, strategic consulting, digital marketing and engagement, and software development. For more information, visit www.AllianceCreativeGroup.com or www.ACGX.us.
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This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance issues, changes in technology, economic conditions, the impact of competition and pricing, government regulation, unforeseen changes in agreements, potential future disputes, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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