Luxuriant Holdings, Inc. (OTC Pink: PRPM) (PINKSHEETS: PRPM), is pleased to announce the following updates.
Luxuriant Holdings Inc., was a recipient of a Global Lock with the DTCC. (The Depository Trust & Clearing Corporation.)
The Management of the company immediately began a negotiation process with DTCC to remedy the situation. Since the action specifically was based on the Regulation D, Rule 504 transactions, rescission and reversing the 504's seemed to be an obvious solution.
Currently, the managements and the company's attorney have come up with a solution, that the management believes once completed will satisfy the DTCC requirements and may possibly result in the removal of the Global Lock. The proposed process will involve the rescission of the 504 transactions and return to the treasury all the shares. The rescission will be followed by the exchange of new shares for all of the shares currently at Cede and Co. We believe that these transactions will inoculate DTCC'S fungible mass of stock from any infection caused by the 504 transactions.
"The DTCC action was the result of a 504 transactions that occurred in 2008, and involved parties and management who are no longer involved with our company. Although the management has no opinion or position as to the validity of the 504 transaction, we still felt that we can assist DTCC and regain the trading and therefore protect the current shareholders and the company's shareholders value. We believe that our proposed solution, with the consequent return of all the shares issued as the result of the 504 back to the treasury, should be very beneficial to the OS and the removal of the Global Lock."
CEO Protek / Luxuriant Holdings
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About ProTek Capital, Inc.
ProTek Capital, Inc. has historically concentrated on acquiring a portfolio of unique and promising, high-growth potential companies.
Forward-Looking Statements: 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 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.
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SOURCE: ProTek Capital, Inc.