Readen Holding Corp (OTC PINK: RHCO) Takes legal actions against Axivate capital partners
HENDERSON, NV--(Marketwired - Feb 10, 2017) - Readen Holding Corp (OTC PINK: RHCO) (The Company) takes legal actions against Axivate capital partners; both Readen Holding Corp and Axivate capital partners U.A (Axivate) are shareholders in the company Readen Retail.
Readen Holding Corp announced earlier this year the merger of 100% of the outstanding share capital of Neckermann.com webshop BV in exchange for 22.75% of RHCO, its subsidiary Readen Retail. The seller of Neckermann.com webshop BV and the current owner of 22.75% of the shares of Readen retail is Axivate capital partners U.A.
The at the time signed merger and shareholder agreement was focused on merging the Intellectual property (IP) rights of the brand Neckermann.com into the company Readen Retail so that RHCO could utilize this well-known brand for its growing retail activities. The on time, full and correct delivery of the IP by Axivate to Readen Retail is being disputed by Readen Retail. The fact that until this date the IP and the URL is partially delivered with a significant delay and is partially still not delivered left Readen Retail no other choice than to take legal actions against Axivate.
Together with the merger of the Neckermann activities into Readen Retail, we announced the acquisition of stores in the Netherlands and stores in Belgium, but because of the delay in the delivery of the IP RHCO could not invest the amount needed to turn around these stores into fully functioning Neckermann stores. This has resulted in the foreclosing of stores in the Netherlands and stores in Belgium.
Currently Neckermann is fully focused on its online activities and will bring a new shopping experience to the public via its online store. Other than the established retail companies seen as competitors who offer more than 150,000 products Neckermann will focus on bringing the best deal to its customers, resulting in offering a focused assortment of 6,000 products. Neckermann will offer its products for the best price; if the best price can't be reached the product will not be in the assortment of Neckermann. This focused assortment strategy will offer additional benefits, more focus marketing, better negotiating power with suppliers and more efficient warehouse. With this strategy Neckermann and D5avenue is introducing a completely new shopping experience.
Readen Group's mission statement: To be a valuable and reliable partner for customers, suppliers and investors in terms of quality, communications and service. Adding value for all the stakeholders is the main objective.
This press release may contain forward-looking statements, including, but not limited to, statements regarding Readen Holding Corporation and its plans, products and related market potential. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential" or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Readen Holding Corporation's postings on the OTC Markets Disclosure & News Service and future filings with the Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Readen Holding Corporation undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
