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MIAMI, Nov. 06, 2017 -- Tiger Reef, Inc. (OTCQB:TGRR), a diversified producer of ultra premium rums under the Tiger Reef® brand and a developer of casual dining restaurant properties throughout the Caribbean under the Mermaid Reef Ocean Grill & Lounge™ brand, issues this forbearance shareholder update.
Forbearance Agreement Efforts and Financing
As reported in a press release and Form 8-K on October 11, 2017, Tiger Reef has been trying to work with its lenders to agree to a 60-to-90 day forbearance on all of its outstanding convertible debt to allow the company a chance to obtain new financing to expand its ultra premium rum business since suffering catastrophic losses and setbacks to its business from Hurricane Irma on September 6, 2017. Unfortunately, these efforts have proven fruitless and the Forbearance Agreement will not be ratified.
Tiger Reef will continue its efforts to secure sources of new financing. However, this challenge has become significantly more difficult without the Forbearance Agreement in place.
About Tiger Reef
Tiger Reef, Inc. is a diversified producer of ultra premium rums under the Tiger Reef® brand and a developer of casual dining restaurant properties throughout the Caribbean under the Mermaid Reef Ocean Grill & Lounge™ brand. For more information, visit www.tigerreefinc.com.
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Tiger Reef, Inc. (“Tiger Reef”) assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, other than as required pursuant to applicable securities laws. For a description of additional risks and uncertainties, please refer to Tiger Reef’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report filed on Form 10-K.
Investor Relations
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