BRK Updates Shareholders on Key Litigation

Rhea-AI Summary

BRK, Inc. (OTC: BRKK) has communicated a positive outlook regarding ongoing litigation related to its legacy technologies. Management sees no adverse changes affecting recovery prospects. The company is focusing on its Gen2 technology and plans to issue a one-time cash dividend equating to 50% of any judgment amount received from the litigation. This decision reflects the company's confidence in its funding model and aims to maximize shareholder value. The company continues to develop its live-action broadcasting services while addressing potential risks such as industry competition and capital raising.

Positive

• Favorable outlook on ongoing litigation with no adverse changes in recovery prospects.
• Plans to issue a one-time cash dividend of 50% of any judgment amount to shareholders.
• Focus on development and commercialization of Gen2 technology.

Negative

• Risks related to industry competition and the need for capital to meet business requirements.

HENDERSON, Nev., Aug. 18, 2020 /PRNewswire/ -- BRK, Inc. (the "Company") (OTC: BRKK) wishes to inform its shareholders that as per previous official communications, management views the overall prospects of its current litigation related to BRK's legacy technologies favorably. There has been no adverse change in the likelihood of recoveries to management's knowledge.

Mr. Michael Kovacocy, COO and Head of IR, stated: "We are placing our focus on the development of our ongoing operations and the build out of full-scale commercial operations centered around our cutting-edge Gen2 technology. We intend to continue to aggressively pursue shareholder interests in the litigation of our claims regarding to our legacy technology. We would like to inform our shareholders that as a consequence of our confidence in our funding model and the near to mid-term potential of our new Gen2 technology, we will not retain all monies collected in any potential judgement related to our ongoing litigation. Rather, we will issue a one-off exceptional cash dividend to all shareholders of record at the time we collect said monies, with the dividend being equal to 50% of the total judgement collection. This decision is in line with both our confidence in our business and also our primary goal of maximizing both shareholder value and long-term shareholder cash remuneration. We thank our shareholders for their continued loyalty and support and look forward to sharing exciting developments in the very near term."

BRK Inc. (OTC PINK: BRKK), established in 2008, BRK is the next generation in live-action broadcasting technology. We are a full-service provider geared to professional leagues and athletes, whether it be traditional sports, extreme sports or esports, and that will allow fans to watch them in action from perspectives that do not exist today. Our niche is that we are a second screen content provider that does not pose a threat to first screen media but rather we provide the opportunity to pioneer complimentary content and campaigns. 

The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are intended to be covered by the safe harbor provisions of the federal securities laws. Forward-looking statements often contain words such as "will," "anticipate," "believe," "plan," "estimate," "expect," "intend," "is targeting," "may," "should," "poised," and other similar words or expressions. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those described in any of our other filings with the SEC. In addition, such statements could be affected by risks and uncertainties related to: (i) commercialization of our newly-acquired helmet camera, (ii) continuing development and protection of our intellectual property, (iii) unexpected industry competition, (iv) the need to raise capital to meet business requirements, and (v) our ability to sell our products in order to generate revenues. Forward-Looking Statements are pertinent only as of the date on which they are made, and the company undertakes no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future developments or otherwise. Any future public statements or disclosures modifying any of the forward-looking statements contained in or accompanying this news release, will be deemed to supersede such statements in this news release. Information on BRK Inc.'s website, http://www.brkgen2.com does not constitute a part of this release.

Contact:
+1 (702) 572-8050
shareholder@brkincorporated.com 
brkgen2.com

View original content:http://www.prnewswire.com/news-releases/brk-updates-shareholders-on-key-litigation-301114136.html

SOURCE BRK, Inc.

FAQ

What is the current litigation status for BRK, Inc. (BRKKD, BRKK, BRKK)?

Management has a favorable outlook on the ongoing litigation related to BRK's legacy technologies, with no adverse changes noted.

When will BRK, Inc. issue a cash dividend to shareholders?

BRK, Inc. plans to issue a one-time exceptional cash dividend equal to 50% of any judgment collection once received.

What is the focus of BRK, Inc. regarding its Gen2 technology?

BRK, Inc. is concentrating on developing its Gen2 technology for live-action broadcasting and enhancing shareholder value.

What risks does BRK, Inc. face in its business operations?

BRK, Inc. faces risks such as unexpected industry competition and the need to raise capital to meet business requirements.

What are the potential impacts of BRK's litigation on shareholders?

The favorable litigation outlook could lead to financial recoveries that benefit shareholders through dividends.