LAS VEGAS, Feb. 23, 2017 (GLOBE NEWSWIRE) -- XLI Technologies, Inc. (OTC PINK:XLIT) (the “Company” or “XLI”) and BOSCH Technologies, LLC (“BTL”) have agreed to a mutual release and cancellation of their exclusive distribution and marketing rights agreement (the “Agreement") for the Caribbean Islands.
Per the cancellation of this Agreement, XLI Technologies, Inc. is released and held harmless of all past, current and future liability and responsibility regarding all business for the Caribbean Islands: this encompasses 121 countries including US Virgin Islands, Barbados, Bonaire, the Cayman Islands, Saint Croix, the Bahamas, Hispaniola, Puerto Rico, Jamaica, Dominica, Montserrat, Saba, Saint Kitts, Saint Lucia, Saint Thomas, Saint John, Tortola, Grenada, Saint Vincent, Guadeloupe, Martinique, and Trinidad & Tobago exclusively under the rights and terms of the said exclusive distribution agreement. BTL will release back to XLI 4.7 million shares of series C preferred stock.
James Schramm, CEO of XLI Technologies, Inc., stated, “As the original exclusive distribution agreement with BTL was fantastic and a great opportunity for expansion and growth for XLI, it also provided additional risk regarding additional cost, liability, positioning and management that could affect the current stability factor of the company. This would then affect the steady and stable growth and expansion for the future. This mutual release and cancellation allow’s XLI to focus on USA and Canada only. There will be many more opportunities for expansion and growth. XLI needs to be stable during any expansion and growth to insure secured success for years to come.”
Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with intellectual property protection, marketing and sale, manufacturing and distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact: info@XLItech.com
