WASHINGTON--(BUSINESS WIRE)-- Rounder, Inc (Pink OTC Market: RNDR) today announced its plans to increase the number of members on its Board of Directors and to hire a new corporate President, along with other corporate management. The Company has been actively searching for parties to fill available positions since September 16, 2012. An updated business plan will be prepared and once completed it will be made available for public viewing.
The Company’s goal is to remove all vestiges of the John Stanton era along with any affiliates and or past associates. Rounder Inc. looks forward to a new era of profit and growth.
Former President and Chairman of the Board of Directors John Stanton filed a bankruptcy petition on December 13, 2011 in Tampa Florida. The case was converted to a Chapter 7 liquidation on February 22, 2012. The court appointed Larry Hyman as the Chapter 7 Trustee. By operation of bankruptcy law, the Chapter 7 Trustee is vested in ownership of all nonexempt property owned by John Stanton as of the bankruptcy filing date. The Trustee has taken steps to recover stock owned by John Stanton for the benefit of the bankruptcy estate and is also pursuing action to recover shares that may have been transferred to affiliates. On October 3, 2012, the Bankruptcy Court held a hearing in which it granted the Trustees motion for a preliminary injunction. The injunction will enjoin the transfer of stock owned by John Stanton. United States Bankruptcy Court, Middle District of Florida, Tampa Division - Case No. 8:11-bk-22675-MGW Chapter 7.
Furthermore Rounder Inc. intends to take legal action to disclaim the debt purportedly owned by Mr. Stanton's affiliated company and or companies. Action has been taken via a demand letter for the return of the shares or the money received and the value of the services given by any affiliated company or companies.
Safe Harbor
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.
For Rounder, Inc
Investor Relations
Sterling Capitol
(631) 824-7661
Source: Rounder, Inc