Tiger Reef Cancels Atlas Solar Letter of Intent
Miami, Florida--(Newsfile Corp. - December 6, 2019) - Tiger Reef, Inc. (OTC Pink: TGRR), an emerging leader in cost-efficient clean energy solutions targeting the CBD and legal Cannabis markets and producer of ultra-premium rum under the Tiger Reef® brand designation, announces that it has cancelled the previously announced Letter of Intent to acquire the operating assets of Atlas Solar Holdings, LLC ("Atlas Solar").
After an in-depth review of Atlas Solar's financial statements and underlying records, Tiger Reef's legal counsel and certified accountants determined Tiger Reef would not be able to obtain a qualified audit opinion should it move forward and consummate the Atlas Solar acquisition.
J. Scott Sitra, Tiger Reef's President and CEO, stated, "We are very disappointed that we are not able to move forward with the acquisition of Atlas Solar as planned. My decision to abandon the Atlas Solar acquisition is not a true reflection on the quality of their solar assets or the people behind the scenes. It is simply a fact that, being a public company, Tiger Reef is under much more scrutiny from lawyers, accountants, and government regulators than a comparable private company such as Atlas Solar, which only has to answer to the IRS. While Atlas Solar is a fantastic private company, it needs to address some internal record keeping deficiencies before it can become part of a public company such as Tiger Reef."
"In the spirit of this proposed acquisition, Tiger Reef will continue looking for other high-quality solar assets to roll up under the Tiger Reef umbrella as we move forward with executing our business plan. We believe that there are countless smaller solar companies in the US that could be acquired and successfully integrated into the Tiger Reef portfolio of solar assets," added Mr. Sitra.
About Tiger Reef
Tiger Reef, Inc. is a developer and operator of solar and clean renewable energy projects focused on reducing overall energy costs and the carbon footprint for Cannabidiol (CBD) producers and legalized marijuana growers. Tiger Reef also has developed a line of ultra-premium rums under the Tiger Reef® 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.
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