MIAMI, June 27, 2017 (GLOBE NEWSWIRE) -- Tiger Reef, Inc. (OTCQB:TGRR), a diversified producer of ultra premium rums under the Tiger Reef ® brand and a developer of casual dining restaurant properties throughout the Caribbean under the Mermaid Reef Ocean Grill & Lounge™ brand, announces that it has been made aware of and requested by the OTC Markets Group, Inc. (“OTC Markets”) to comment on recent trading and promotional activity concerning Tiger Reef’s common stock.
On June 27, 2017, OTC Markets informed Tiger Reef that it became aware of certain promotional activities concerning Tiger Reef and its common stock. OTC Markets informed Tiger Reef that it had received copies of promotional newsletter emails encouraging investors to purchase Tiger Reef’s common stock. Tiger Reef has been informed that this promotional activity coincided with higher than average trading volume in Tiger Reef's stock. Tiger Reef was unaware of the promotional activity until informed by OTC Markets and is unaware of the full nature and content of this promotional activity, the responsible parties and the extent of the email newsletters' dissemination.
Tiger Reef states definitively that Tiger Reef, its officers, directors and, to its knowledge, its controlling shareholders (i.e., shareholders owning 10% or more of Tiger Reef's securities) have not, directly or indirectly, authorized or been involved in any way (including payment to a third-party) with the creation or distribution of promotional materials including these email newsletters; and that Tiger Reef, its officers, directors and, to the knowledge of Tiger Reef, any controlling shareholders, have not sold or purchased Tiger Reef's securities within the past 30 days.
Further, Tiger Reef has not, other than disclosed in its Form 8-Ks filed with the Securities and Exchange Commission on March 3, 2017, March 28, 2017, April 7, 2017 and April 21, 2017 issued any convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance. The general terms of these convertible instruments are summarized below:
| Date Issued | Lender Name | Amount Received ($) | Conversion Terms | |||
| 3/1/17 | Eagle Equities, LLC | $35,000 | 55% of the lowest bid with a 15-day lookback | |||
| 3/23/17 | Adar Bays, LLC | $30,000 | 55% of the lowest bid with a 15-day lookback | |||
| 4/3/17 | EMA Financial, LLC | $42,500 | 55% of the lowest bid with a 15-day lookback | |||
| 4/3/17 | Crown Bridge Partners, LLC | $37,000 | 55% of the lowest bid with a 15-day lookback | |||
| 4/17/17 | Blackbridge | $75,000 | 55% of the lowest bid with a 15-day lookback | |||
"Tiger Reef is not aware of the promotional materials' author or its affiliated entities or persons. Tiger Reef's recent press releases have reported on and provided disclosure of legitimate and ongoing corporate activity only, and are not part of any promotional activities or campaign," stated J. Scott Sitra, Tiger Reef’s President and CEO. Mr. Sitra further stated, “The copies of the newsletter provided to us by OTC Markets appear to contain information that was copied from our corporate website and recent press release announcing a new restaurant lease agreement.”
Tiger Reef has not engaged any investor relations or promotional agency nor does it have any immediately plans to do so. Tiger Reef encourages those interested in Tiger Reef to rely solely on information included in its press releases combined with its filings and disclosures made with the Securities and Exchange Commission.
About Tiger Reef
Tiger Reef, Inc. is a diversified producer of ultra premium rums under the Tiger Reef® brand and a developer of casual dining restaurant properties throughout the Caribbean under the Mermaid Reef Ocean Grill & Lounge™ brand, the first of which is currently under development at Simpson Bay Resort & Marina on the island of St. Maarten, Dutch West Indies. For more information, visit www.tigerreefinc.com .
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Tiger Reef, Inc. (“ Tiger Reef ”) assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, other than as required pursuant to applicable securities laws. For a description of additional risks and uncertainties, please refer to Tiger Reef’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report filed on Form 10-K.
Investor Relations 949.264.1475 ir@tigerreefinc.com
