Blockchain Loyalty Corp., Also Known as Belle Bonica Luxe Corp., May Pursue Legal Action Against its Former Transfer Agent, Legacy Stock Transfer Inc. for Obstruction and Breach of Duty

Rhea-AI Summary

Blockchain Loyalty Corp. (OTC PINK:BBLC) announced it may pursue legal action against its former transfer agent, Legacy Stock Transfer Inc., citing operational obstruction and breach of duty. After terminating Legacy Stock Transfer on November 20, 2024, and engaging Transfer Online Inc. as its new transfer agent, BBLC reports that Legacy Stock Transfer has failed to: notify relevant authorities of the transfer agent change, release shareholder records, and provide a final invoice.

The company highlights Legacy Stock Transfer's troubled history, including SEC complaints from 2003 and multiple lawsuits. BBLC is considering legal options to compel Legacy Stock Transfer to release records, complete the transfer agent transition, and potentially seek punitive damages for alleged bad faith conduct.

Positive

• None.

Negative

• Former transfer agent's obstruction is disrupting company operations
• Unable to access shareholder records due to former transfer agent's non-compliance
• Potential legal expenses from upcoming litigation against Legacy Stock Transfer

PORTLAND, OR / ACCESSWIRE / January 8, 2025 / Blockchain Loyalty Corp. (OTC PINK:BBLC), also known as Belle Bonica Luxe Corp., a publicly traded non-reporting issuer listed on the OTC Markets, would like to inform its shareholders that it is aware of their frustrations with the Company's former transfer agent, Legacy Stock Transfer, Inc., and its lack of cooperation with Blockchain's daily transfer needs.

The Company shares your disappointment and today announced it is considering all of its available remedies including, but not limited to, regulatory authorities and legal action against its former transfer agent citing obstruction of the company's operations, breaches of fiduciary duty, and a troubling pattern of misconduct.

On November 20, 2024, Blockchain Loyalty Corp. officially terminated Legacy Stock Transfer as its transfer agent via a cancellation resolution and engaged Transfer Online Inc. as its new transfer agent. Despite efforts to ensure a seamless transition, Legacy Stock Transfer has:

1. Failed to notify TA Services and DTCC that it is no longer the transfer agent for Blockchain Loyalty Corp.

2. Refused to designate Transfer Online Inc. as the new transfer agent through proper regulatory channels.

3. Withheld all shareholder records required for the transition, despite verbal assurances on December 16, 2024, that the necessary documents would be provided "within the hour."

4. Failed to provide a final invoice for services rendered, as initially promised on November 20, 2024.

Exploring Legal Options for Accountability

"While we are hopeful that Legacy Stock Transfer will comply with our requests, we are also evaluating all legal remedies to hold them accountable for their actions," said Joel DeBellefeuille, CEO and Chairman of BBLC. "Our shareholders deserve transparency and accountability, and we intend to take the necessary steps to ensure these principles are upheld."

A Troubling Pattern of Misconduct

Legacy Stock Transfer, previously known as Signature Stock Transfer Inc., has a documented history of legal and regulatory concerns, including:

• In 2003, the SEC filed a complaint detailing how individuals used Signature Stock Transfer to facilitate fraudulent transactions involving public shell companies.

• Repeated complaints about delays in processing investor requests and unprofessional conduct, causing financial and operational harm to clients.

• Multiple lawsuits alleging bad faith and contractual breaches against the company and its president, Jason M. Bogutski.

• Links to SEC-sanctioned clients, raising further concerns about compliance with industry standards.

Potential Legal Actions

Blockchain Loyalty Corp. is considering requesting its securities lawyer to pursue litigation that may include:

• Compelling Legacy Stock Transfer to release all shareholder records, notify TA Services and DTCC of the change in transfer agents, and designate Transfer Online Inc. as the new transfer agent.

• Seeking punitive damages for Legacy's alleged bad faith and obstructive conduct.

• Requesting a reduction or waiver of any outstanding invoice amounts owed to Legacy due to the operational harm caused.

Blockchain Loyalty Corp. remains committed to keeping its shareholders and stakeholders informed about the progress of this matter.

About Belle Bonica Luxe Corp. (OTC:BBLC)

Belle Bonica Luxe Corp., trading as Blockchain Loyalty Corp. (OTC:BBLC), is dedicated to promoting a lifestyle of health, beauty, and wealth through the acquisition and development of luxury brands. BBLC's strategic acquisitions across various sectors, including beauty, wellness, and entertainment, aim to enhance the quality of life while driving long-term shareholder value. By incorporating For Us TV into its portfolio, BBLC continues to innovate, utilizing the platform as an avenue for both brand promotion and diverse media representation. For more information, visit www.bellebonica.com.

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For more information visit: www.bellebonica.com
Joel DeBellefeuille, Executive Chairman & CEO, E. joel@bellebonica.com Tel. 514.434.2640
To learn more about Joel, Visit: www.joeldebellefeuille.com
Investor Relations: Just3 Public Relations, E. ir@bellebonica.com

Forward looking statements
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934 as well as relevant Canadian securities laws. These statements relate to future events or future performance and reflect management's expectations regarding future business prospects and opportunities. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target" or the negative of these terms or other comparable terminology. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties, including, without limitation, the ability to obtain financing and regulatory and shareholder approval for anticipated actions.
The Company does not assume any responsibility to update or revise any past statements regarding plans or projections related to any expected future events in cases where such plans or projections have not materialized or developed as previously stated or expected.

SOURCE: Blockchain Loyalty Corp

View the original press release on accesswire.com

FAQ

What legal actions is BBLC considering against Legacy Stock Transfer?

BBLC is considering legal action to compel Legacy Stock Transfer to release shareholder records, notify TA Services and DTCC of the transfer agent change, designate Transfer Online Inc. as the new transfer agent, and seek punitive damages for alleged bad faith conduct.

When did BBLC terminate Legacy Stock Transfer as its transfer agent?

BBLC officially terminated Legacy Stock Transfer as its transfer agent on November 20, 2024, and engaged Transfer Online Inc. as its new transfer agent.

What are the main complaints BBLC has against Legacy Stock Transfer?

BBLC's main complaints include Legacy's failure to notify authorities of the transfer agent change, refusal to designate the new transfer agent, withholding shareholder records, and failure to provide a final invoice.

What is Legacy Stock Transfer's historical background of regulatory issues?

Legacy Stock Transfer, previously known as Signature Stock Transfer Inc., has a history of SEC complaints from 2003 involving fraudulent transactions, multiple lawsuits alleging bad faith, and repeated complaints about processing delays.