Symmetry Technologies, Inc., SMMR Rescinds 2018 Acquisition and Engages Law Firm to Explore Options
LONGWOOD, Fla., January 11, 2021 (Newswire.com) - Symmetry Technologies, Inc. (OTC: SMMR), (the "Company"), announced today that by mutual agreement with the controlling shareholder of the Dixie Belle's Restaurant Group, Inc., it had rescinded ab initio, that certain Acquisition Agreement, dated June 29, 2018, with the Dixie Belle's Restaurant Group, Inc., a Florida corporation (the "Cancellation"). The reason for the Cancellation was that the intended business plan for the acquired company has been unable to be implemented and is deemed no longer viable.
As a result of the Cancellation, the Company currently is in the process of canceling and returning to treasury all shares of restricted common stock issued to the controlling shareholders of the Company and Dixie Belle's Restaurant Group, Inc. under the terms and conditions of the share exchange provision of the Acquisition Agreement.
In addition, the 1,000,000 shares of voting Series A Preferred Stock of the Company, constituting its voting control block, that were pending transfer to the majority shareholder of Dixie Belle's Restaurant Group, Inc., are being retained by the Company's controlling shareholder, the DLJ Family Limited Partnership, and are no longer to be transferred.
In connection with the Cancellation, the Company has engaged a law firm to identify its future options including the possibility of a corporate reorganization/restructuring, business combination or liquidation and dissolution.
About Symmetry Technologies, Inc. Symmetry Technologies, Inc. is a publicly traded company on the OTC Market under the symbol: SMMR. It was incorporated on October 30, 2001 in the State of Nevada and has undergone the pursuit of various business plans since inception.
Safe Harbor: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter forward-looking statements, whether a result of new information, future events or otherwise.
Symmetry Technologies, Inc.
Source: Symmetry Technologies
Categories: Financial News