Alliance BioEnergy Plus, Inc. (PINK:ALLMQ).
WEST PALM BEACH, FL, May 16, 2019 (GLOBE NEWSWIRE) -- In a mediation ordered by the bankruptcy court, Alliance BioEnergy Plus, Inc. has reached a settlement agreement with ex-Controller Dennis Lenaburg, subject to approval by the court. From Lenaburg's original $161,980,544 claim, including 15,932,777 warrants, Lenaburg will receive the 1 million warrants from his original contract at an exercise price of $0.30 per share. The remaining 14.9 million warrants that were in dispute are cancelled. Out of the portion of his back pay that was not in dispute, Lenaburg will receive $13,650 upon bankruptcy plan confirmation, and $50,000 payable out of future company profits or in 3 years, whichever comes sooner. As compensation for the postponement of the payment of $50,000, Lenaburg will receive an additional 500,000 warrants, also at an exercise price of $0.30 per share. The parties have agreed to execute mutual general releases. This was the last remaining disputed debt claim in the Company's bankruptcy proceeding.
The Company now expects to submit a Chapter 11 plan to the Bankruptcy Court for confirmation in the near future. Subject to court approval, the Company's goal would be to exit bankruptcy by mid-summer 2019.
Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law.
Ben Slager, CEO
or Anthony Santelli, COO
SOURCE: Alliance Bioenergy Plus, Inc.
Source: Alliance BioEnergy Plus, Inc.