NEWS RELEASE
Choose Rain, Inc. signs a Settlement Agreement with the holders of a Judgment against the company.
Ormond Beach, FL, May 27, 2014 - Choose Rain, Inc., (OTC Markets: CHOS- News), a provider of organic rainwater based and other products for human consumption and the agricultural industry has signed a Settlement Agreement with holders of a judgment against the company.
Choose Rain, Inc?s March 31, 2014 Financial Statements included as a liability a 2008 judgment against Resolve Staffing, Inc., Company?s predecessor, in the amount of $989,826. In January 2014, Choose Rain, Inc. filed a lawsuit against the judgment holders alleging among other things that the lawsuit was invalid and unenforceable.
The Settlement Agreement requires the judgment holders to release the judgment in exchange for Choose Rain, Inc. making monthly payments which total $15,000 over the next seven months. After release of the judgment, Choose Rain, Inc. will make three final payments totaling $5,000. In return, Choose Rain, Inc. dismisses the lawsuit. The release of the judgment will result in a gain on debt forgiveness in Company?s financial statements of nearly $970,000.
?We chose to settle instead of entering into a prolonged legal battle even though we felt the law was on our side? said Larry Curran, President and CEO of Choose Rain, Inc. ?Removing the judgment from our books will substantially improve our financial position and allow us to put this behind us.?
Statement as to Forward-Looking Statements .
Forward-Looking Statements certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.
Contact:
Larry Curran, President and CEO
Choose Rain, Inc.
386-673-RAIN (7246)
larry@chooserain.com
