LAS VEGAS, March 28, 2022 (GLOBE NEWSWIRE) -- BoxScore Brands, Inc (OTC Pink Current: BOXS) (“BoxScore”, the “Company”) a U.S.-based renewable energy company focused on the extraction, refining, manufacturing, and distribution of precious technical minerals, is pleased to announce a corporate update.
“On behalf of all of us at BoxScore Brands, I would like to sincerely thank our shareholders for their patience and encouragement over the past several months. We have spent a tremendous amount of time working and relationship building to ensure that our business plan and corporate structure have solid foundations for future growth, and we are very excited about the future of the company,” stated Andrew Boutsikakis, CEO of BoxScore.
“As stated in our February 14th news release, we are deeply focused on the development and advancement of our Lisbon Valley Lithium Brine Project, in addition to other corporate and collaborative opportunities in our goal of delivering significant, long-term value to our shareholders. Rest assured, we will provide timely, informative updates regarding any material developments that occur utilizing the proper distribution channels including national financial newswires, our company website, and among our filings with the Securities & Exchange Commission. It is imperative that we maintain the principle of full public disclosure, and we will not hesitate to provide any new information to our shareholders and the market as soon as we are able,” added Boutsikakis.
ADDITIONAL CORPORATE UPDATES
Working Capital and Grant Projects.
BoxScore is currently exploring all available funding resources available to them through suitable government grants and/or federal funding initiatives. In parallel, the Company continues to have on-going discussions with other working capital providers and strategic partners. Where appropriate, a corporate announcement by the Company will be issued containing information and details on any funding projects secured.
Engineering and Drilling
In a press release dated December 14, 2021, the Company reported that it had received a preliminary technical report from independent consulting firm Peek Consulting on its Lisbon Valley properties. The report concluded that “not only was there a substantial indication of that lithium mineralization, but also evidence that other valuable mineral such as potassium, magnesium, calcium chloride, bromine and boron, may be recoverable from the Lisbon Valley brines, as well.” Since then, the Company has held deep discussions with several of the country’s top Geotech engineering firms, with the objective of retaining one of these elite organizations within the next thirty days.
Once selected, BoxScore and its new engineering partner will jointly plan and execute the operations going forward including entering top potential lithium and mineral/metals well(s), conduct modeling of the brackish aquifers and lithium/metals potential, and planning for future extraction, processing, production, and re-injection of used brines.
Strengthening Balance Sheet
The balance sheet inherited by the Company’s current executive team, included weighty and expensive debt in the form of convertible promissory notes. However, as of March 24, 2022, management has successfully eliminated all its outstanding variable rate notes, which contained the most dilutive features, and remains committed to removing the remaining legacy debt. Some of this future activity may be dilutive to shareholders but necessary and unavoidable in order to strengthen the Company’s balance sheet and help secure higher quality growth capital to assist BoxScore in the execution of its business plan. For additional information, see BoxScore Brands, Inc.’s 2021 Third Quarter Report filed with the Securities & Exchange Commissioner.
Name Change and Website Update
The Company is exploring a name change to better reflect its branding initiatives and business model, and with it, a change in the ticker symbol is anticipated as well. The corporate website will be updated with additional information and content including dedicated pages focused on the Company’s business model, investor relations, management, corporate news, financials, stock information, and SEC filings.
Trading Exchange Uplisting
Shares of the common stock of the Company are currently listed on the OTC Market platform as Pink Current. It is the intention of the Company to pursue all uplisting opportunities to major US Stock Exchanges such as the NASDAQ or New York Stock Exchange.
Recapitalization
As of November 15, 2021, the Company had 288,097,871 shares outstanding. The Company has no immediate plans for a reverse split.
ABOUT BOXSCORE BRANDS, INC.
BoxScore Brands Inc., based in Las Vegas, Nevada, is a U.S.-based renewable energy company focused on the extraction, refining, manufacturing, and distribution of precious technical minerals. The company is committed to utilizing technologically advanced solutions to meet the highest ESG government standards. For more information, visit: www.boxscore.com
Company Contact:
BoxScore Brands, Inc.
Investor Relations
Tel: (800) 998-7962
Email: ir@boxscore.com
FORWARD-LOOKING STATEMENTS
This news release includes 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, as amended, regarding, among other things our plans, strategies, and prospects -- both business and financial. Although we believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, acquisitions, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to BoxScore Brands, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
