NEW YORK, March 4, 2014 (GLOBE NEWSWIRE) -- (OTCQB:SOUP) Soupman, Inc., parent company of The Original Soupman, is pleased to announce on February 28, 2014 that a U.S. federal court approved the settlement of a three-year litigation involving the purchase of the assets of Soup Kitchen International, Inc. Under the terms of the settlement, Soupman, Inc. will continue to retain all rights to the brand, trade dress, intellectual property and assets including the famed Original Soupman® soups. The court case challenged the purchase price paid in December 2009 to acquire The Original Soupman assets from Soup Kitchen International, Inc.
"We are extremely gratified that this protracted case, which we have always considered to be without merit, is now behind us," said Lloyd Sugarman, CEO of Soupman, Inc., "We have been vindicated on the facts related to the purchase of the brand rights and assets of Original Soupman, and have agreed to contribute only $350,000 towards the settlement, which is less than the cost of the litigation itself."
Tim Gannon, Chairman of the Board of Soupman, Inc. and co-founder of Outback Steakhouse, commented, "With this case resolved I am thrilled that we can now focus our efforts on the business of selling the best- tasting soup in the world. I believe we have a very special brand and product in a category that is massive, mature and in need of innovation."
In addition to the settlement, recent positive news about the company includes:
* Food trucks. The Soup Mobile joins the food truck revolution, one of the hottest trends in the culinary industry. The Soup Mobile will feature the famous soups, lobster rolls and pasta & bowls including Lobster Ravioli. The Company plans to have over 25 trucks on the road in 2014. This is one of the only national food brands available on food truck.
For more information on our programs and products go to www.originalsoupman.com
For information or to schedule an interview with management or our celebrity partners please contact Robert N. Bertrand, President and CFO at 212-768-7687
About Soupman, Inc.
In 1984, The Original Soupman opened its doors at 55th Street & 8th Avenue in Manhattan and quickly became a worldwide destination. Rated #1 by Zagat and praised by the New York Times as "Art, not Soup," it set the standard for innovation and excellence long before the famous "Seinfeld" episode made it a cultural icon. We sell soup across America to grocery stores, franchisees and foodservices. Shaquille O'Neal is an advisor and equity partner, as are Mr. October, Reggie Jackson and the award-winning actor, Jason Alexander. Tim Gannon, co-founder of Outback Steakhouse, is our Chairman of the Board and Culinary and Business Director. Soupman Inc., parent company of The Original Soupman, Inc., is a fully reporting public company trading under the symbol SOUP. For additional information on our company please visit: www.soupmaninc.com. Follow us on Twitter @Originalsoupman and "Like" us on Facebook.
Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "expects," "intends," "plans," "believes," "seeks," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include statements regarding the payment of $350,000 in connection with the settlement, the Company's new soup Tetra cartons for grocery retail sale, Soupman's Famous New York Delicatessen & Restaurant casino model, food truck franchising and expected future continued growth. All forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by them such as our ability to implement our marketing plan, including raise the necessary capital to implement the plan and complete the settlement, and the risks discussed in our Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K. Copies of these filings are available at www.soupmaninc.com.
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Robert N. Bertrand President and CFO at 212-768-7687