Branded Legacy, Inc. Board Of Directors Approves Reducing Authorized Common Shares By 300 Million

Rhea-AI Summary

Branded Legacy, Inc. (BLEG) has received Board approval for a 33.33% reduction in its authorized shares, decreasing them by 300 million to 600 million shares. The company aims to enhance shareholder value by improving its share structure and reducing debt. In 2022, BLEG reduced liabilities by $436,119 and outstanding common shares by 202 million. Current issued shares stand at 236,982,816. Brandon Spikes, the chairman, emphasized the commitment to shareholder success.

Positive

• Reduction of authorized shares by 300 million, improving share structure.
• Debt reduction of $436,119 in 2022 enhances financial position.
• Current issued shares decreased to 236,982,816, signaling commitment to value.

Negative

• None.

Company Receives Full Board Approval For 33.33% Reduction

Orlando, FL, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Branded Legacy, Inc. (OTCQB: BLEG), a holding company focused on the commercial development of cannabinoid-infused products from CBD topicals and tinctures to edibles is pleased to announce the Board of Directors approval to reduce its authorized shares by Three Hundred Million (300,000,000).

Branded Legacy, Inc. expects to receive majority shareholder consent soon, but has already received board approval for the reduction in its authorized shares. The reduction will bring the Authorized Common Shares down to Six Hundred Million (600,000,000).

The Company has been working to improve its share structure as well as increase its shareholder value through many transactions such as reducing its debt as well as reducing the amount of issued and outstanding common shares. The Company has lowered its liabilities by Four Hundred and Thirty-Six Thousand One Hundred and Nineteen dollars ($436,119) in 2022 and has reduced its issued and outstanding common shares by Two Hundred and Two Million (202,000,000) in the month of August. This brings the current issued and outstanding shares down to 236,982,816.

Brandon Spikes, chairman of Branded Legacy, Inc., stated, “I couldn’t be more pleased with the progress that we have made. Our shareholders are very important to us, and we are diligently working to ensure the success of this Company.”

The Company recently posted on OTC Markets, supplemental information regarding the reduction of liabilities as well as the exchange agreements lowering the issued and outstanding common shares. All information can be found here: https://www.otcmarkets.com/stock/BLEG/disclosure 

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 is an acquisition company used to incubate companies to eventually spin off into their own public vehicles. Currently owns patent for a sports training assembly called The Quickness. Company also owns Astound NMN. By supplementing NMN helps maintain NAD+ levels, ultimately slowing the effects of aging. www.astoundnmn.com
 
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, Inc.'s recent share reduction announcement?

Branded Legacy, Inc. announced a Board-approved reduction of authorized shares by 300 million to 600 million, aimed at enhancing shareholder value.

How much debt has Branded Legacy, Inc. reduced in 2022?

The company reduced its liabilities by $436,119 in 2022 as part of its financial improvement strategy.

What is the current number of issued shares for BLEG?

As of now, Branded Legacy, Inc. has approximately 236,982,816 issued and outstanding shares.

Who is the chairman of Branded Legacy, Inc.?

Brandon Spikes serves as the chairman of Branded Legacy, Inc.

What steps is Branded Legacy, Inc. taking to improve shareholder value?

The company is working on reducing debt and its authorized share count to enhance shareholder value.