LOS ANGELES, CA--(Marketwire -04/27/12)- Lyric Jeans, Inc. (LYJN.PK - News) today announced that on April 18, 2012, the California Superior Court entered an Order approving the settlement of a case brought by Christopher Balseiro against Lyric Jeans for loans and/or advances in excess of $75,800 purportedly made during the period 2007 through 2010 inclusive. Pursuant to the terms of the Order, Lyric Jeans agreed to issue immediately to Mr. Balseiro or his designee 23,109,437 shares of its common stock in full settlement of the matter.
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding Lyric Jeans Inc. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Lyric Jeans Inc. does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
- California Superior Court
Lyric Jeans, Inc.