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SOURCE: HASH(0x8da0d38)
Meaty Results from Bill the Butcher.
Seattle, WA (PRWEB) October 12, 2012
Bill The Butcher, Inc. (OTCBB: BILB ) a neighborhood butcher shop with four greater Seattle neighborhood locations that is dedicated to supporting local sustainable farming and ethically raised meats announces the settlement of their lawsuit with High Capital Funding, LLC., and all other lawsuits, as well as the completion of the restructuring of over $1,500,000 of debt.
J’Amy Owens, CEO of Bill the Butcher commented, “Since we retained the services of Finance 500 in May, our company has made a dramatic turnaround. In five months, William Watson, of Finance 500 was able to bring in $500,000 of new capital, restructure $1.5 million of debt, and personally negotiate the settlement of four lawsuits. It has been nothing short of a business miracle. Formerly, we had spent over half a million dollars in litigation defense costs, and Watson envisioned the strategy and presided over an effective solution for all the parties.”
Frank E. Hart, Manager of High Capital Funding, LLC. stated, “We have always respected J’Amy’s insights and entrepreneurial vision for her company. Unfortunately, as time went on, it was clear that the lawsuits from her co-founder and the former COO, were seriously hurting the company and damaging its access to the capital markets. As it turned out, Mr. Watson and I were old friends from his days running corporate finance at Brookstreet Securities in Irvine, California. When Watson called me earlier this summer, I had substantial doubts that he could pull the company out of the flames. But, after devising his settlement plan, he also then executed it to perfection. We are again big supporters of the company and are quite optimistic about its future. We think that with Watson and Finance 500 teaming up with Bill the Butcher, J’Amy Owens’ vision of national expansion for Bill the Butcher can become a reality.”
Watson is very philosophical about the events that have unfolded allowing for the settlement of the lawsuits facing the company. Watson stated, “In any business deal, you have to find a way for everyone to win. The Company needed to create a scenario whereby it became in the best interests for all parties to settle the suits so the company could survive and have an opportunity to prosper.”
J’Amy Owens added, “Other milestones we have met in the past few months include closing one underperforming location, relocating the commissary and relocating our headquarters. These decisions resulted in a savings of over $150,000 per year. Our plan is to add 6 more stores to Seattle, build our internet commerce site, and prepare for our national expansion. “We can finally go back to work on the core business and do the things we do best, which are opening new stores and growing our meaty enterprise.”
Safe Harbor Statement:
Any statements in this press release that are not historical facts are forward-looking statements. In some cases, you can identify those forward-looking statements by words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of those words and some other comparable words. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical results or those the Company anticipates. Factors that could cause actual results to differ from those contained in the forward-looking statement include, but are not limited to, those risks and uncertainties described in the Company's annual report on form 10-K for its fiscal year ended August 31, 2011 and the other reports and documents the Company files from time to time with the Securities and Exchange Commission. Statements included in this press release are based upon information known to the Company as of the date of this press release, and the Company assumes no obligation to (and expressly disclaims any such obligation to) publicly update or alter its forward-looking statements made in this press release, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
Contact:
Bill Watson
Finance 500
408-206-0349
Investor Relations & Shareholder Contact:
John R. Exley
Acorn Management Partners
678-368-4002
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