Branded Legacy, Inc. Announces Cancelation of 102 Million Common Shares

Rhea-AI Summary

Branded Legacy (OTCQB: BLEG) announced a reduction of 102 million shares, equating to a 23% decrease in its issued and outstanding common shares. This strategic move is aimed at improving the company's capital structure as it focuses on growth and enhancing shareholder value. Currently, the total outstanding shares stand at 336,982,816. The company is also evaluating the possibility of a share buyback program and intends to cancel an additional 80 million shares. These actions align with the company’s goal for financial stability and shareholder benefits.

Positive

• Reduced issued and outstanding shares by 102 million (23%), enhancing capital structure.
• Total outstanding shares now at 336,982,816, reflecting improved shareholder value.
• Plans for an additional cancellation of 80 million shares.
• Potential share buyback program under consideration to further enhance shareholder value.

Negative

• None.

Eliminates 23% of Issued and Outstanding to Improve Capital Structure

Orlando, FL, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Branded Legacy, Inc. (OTCQB: BLEG), a holding company focused on the commercial development of hemp and cannabinoid-infused beverages, along with an array of CBD topicals and tinctures is pleased to announce it has reduced its issued and outstanding common shares by One Hundred and Two Million (102,000,000) shares.

The Company is focused on tightening its share structure in 2022. To achieve this goal, the Company has negotiated exchange agreements with previous employees to eliminate 23% of its issued and outstanding shares.

Jermain Strong, Branded Legacy, Inc.’s CEO, concluded, “We are doing everything in our power to get this Company growing. We are diligently working to improve our share structure for our current and future shareholders. This 102 million share reduction lowers the issued and outstanding by over 23% to 336,982,816. We feel like we are moving in a great direction. The Board is also discussing a share buyback program to help improve shareholder value”

Branded Legacy, Inc. is also working on an additional Eighty Million (80,000,000) plus shares of Common Stock to cancel.

The Exchange Agreements will be posted on the OTC Markets, Inc. website under the Company’s disclosure section and titled supplemental information.

About Spikes CBDX: Spikes CBDX is a line of CBD products designed to assist athletes perform better, recover faster, and avoid injuries. The Company believes that post workout recovery, with Spikes CBDX products, can lower inflammation, aid in making your body stronger, and help recover from injuries naturally. The CBD line also targets individuals who are looking for pain relief, better sleep, faster recovery and lowering inflammation. Spikes CBDX provides tinctures, lotions, moisturizer, and cryo-gel roll-ons. To view all the Spikes CBDX products please visit: spikescbdx.com.

About Elev8 Hemp: Elev8 Hemp’s mission is simple: craft the highest-quality, organic hemp products for consumers in search of a healthier, happier lifestyle. Everyone needs to get the proper amount of healthy proteins to keep them feeling better and more energetic. We source only the best organic hemp protein powders—naturally full of powerhouse amino acids and Omegas-3, 6, and 9—so we can infuse your daily coffee and tea with an abundance of minerals, vitamins, antioxidants, and fiber. www.elev8hemp.com

About Versatile Industries: Versatile Industries, LLC has a mission to help companies enter the Hemp and CBD markets by leveraging the buying power of multiple companies. In doing this it brings lower costs and minimum order quantities (MOQ) to our customers. The Company believes that reducing the money that gets tied up in inventory allows for increased marketing spend for small business owners. Versatile Industries feels compelled to help businesses enter new markets by limiting the cost of entry while maintaining profitable margins, creating a recipe for long term business partnerships. 

Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. 

www.brandedlegacy.com
(407) 337-0642
info@brandedlegacy.com

FAQ

What is Branded Legacy's recent share reduction?

Branded Legacy has reduced its issued and outstanding shares by 102 million, a 23% decrease to improve its capital structure.

What is the current number of outstanding shares for BLEG?

After the recent reduction, Branded Legacy's outstanding shares stand at 336,982,816.

Is Branded Legacy planning any further share cancellations?

Yes, Branded Legacy is planning to cancel an additional 80 million shares.

What is a share buyback program and is Branded Legacy considering it?

A share buyback program is when a company repurchases its shares to reduce the number in circulation, and Branded Legacy is discussing this to enhance shareholder value.