Boxscore Brands, Inc.Provides Shareholder Update
Rhea-AI Summary
BoxScore is updating shareholders via CEO Andrew Boutsikakis, highlighting major restructuring efforts since February 2020. The company has renegotiated debt, injected capital, and is focusing on new operational directions towards sustainable energy and battery technology sectors. A detailed plan for commodities in these sectors is underway, along with strategic partnerships and capital strategy implementations. The addition of Pat Avery as COO brings over 30 years of industry experience. The company aims to add shareholder value through these initiatives.
Positive
- Successfully renegotiated debt obligations.
- Injected much-needed capital to support operations.
- New COO, Pat Avery, brings extensive industry experience.
- Focus on growing demand in sustainable energy sectors.
Negative
- Largest retailer filed for bankruptcy.
- Ongoing debt servicing obligations remain a challenge.
Las Vegas, NV, July 07, 2021 (GLOBE NEWSWIRE) -- (OTC PINK: BOXS) (“The Company”), is providing this update from its CEO, Andrew Boutsikakis.
Dear Shareholders,
I wanted to take this opportunity to thank you for your vote of confidence in our company as evidenced by your ownership of our common stock. I assumed the role of CEO of in February 2020. Since taking over, I, along with our independent Board of Directors, have been working diligently to restructure debt, meet our capital obligations and fully review our business model, while meeting our public company reporting obligations.
We have made great strides in what has been an unprecedented 2020. The pandemic forced me to look at the business model, debt structure and capital requirements and make some very difficult choices as our points of distribution shut down, our largest retailer filed bankruptcy and our debt obligations continued to require servicing. We have been able to successfully renegotiate and satisfy a number of debt obligations, inject much needed capital and continue to restructure the company.
As we continue to progress with our new auditing firm in bringing the company current with our SEC filing obligations, my focus has expanded to implementing a new operational direction for BoxScore. After a lengthy evaluation process, we found that there is a substantial long-term demand for specific commodities relating to the battery and new energy technology sector that present a current and unique opportunity based on rising demand characteristics. By capitalizing on market trends and current sustainable energy government mandates and ESG initiatives, we will focus on bringing a vertically integrated solution to market.
Near term efforts include:
- Finalize a detailed plan for these leading commodities in the “minerals and metals-to-components” sectors
- Leverage our professional network to find, evaluate and advance top natural resource projects
- Build internal pipelines and take them through stage and gate evaluations, propose top projects advancement into exploration and development.
- Identify strategic partnerships, JVs, and acquisition opportunities.
- Implement a capital strategy to fund opportunities.
With this new direction, we announced the addition of Pat Avery, an industry veteran, as Chief Operating Officer. Mr. Avery has over 30 years of experience working in the fertilizer, mining, specialty chemicals, petroleum, and construction/project management. For the first 15 years of his career, Mr. Avery worked for ARCO and Santa Fe Pacific Pipelines in refining and transportation. In the fertilizer industry, he worked for 11 years with JR Simplot, one of the largest privately held food and agribusiness companies in the USA, where he held senior positions across all key business units such as mining, manufacturing, supply chain, wholesale sales and energy management, managing over 1500 employees, three mines(two phosphate and one silica), and five major manufacturing facilities, and several warehouse/distribution locations, making dozens of products from chemical fertilizers, industrial products, and water treatment. Mr. Avery was also President of Intrepid Potash (NYSE:IPI) where he led all aspects of mining, manufacturing, logistics and sales..
I look forward to working with Mr. Avery, our Independent Board of Directors, and a new talent base to leverage our collective strengths and networks to finalize our vertically integrated business model and bring value to shareholders for years to come.
Safe Harbor
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. The parties do not undertake any obligation to update forward-looking statements contained in this press release.
Company Contact:
Andrew Boutsikakis
CEO
ir@boxscore.com
