Rochester, NY -- (ReleaseWire) -- 01/20/2017 --Investor News Source Featured Company, Michael James Enterprises, Inc. (OTCQB:MJTV) is pleased to report that it has eliminated more than $1,000,0000 of debt and liabilities with the spin off of BullsNBears Holdings, Inc. on December 27, 2016.
As part of the proposed merger agreement which was not concluded, certain assets and liabilities were to remain with BullsNBears Holdings, Inc. The parties agreed that despite the merger not occurring, it was in the best interest of MJTV to continue with the spin out provision. The issuance of any dividend shares, as contemplated in the agreement, is the responsibility of the management of BullsNBears Holdings, Inc. This continues and now finishes the clean up of certain capital and capital structure that the current management had undertaken. CEO James M. Farinella is in the process of retiring 8.7 million common shares from the outstanding as was previously announced.
MJTV CEO James M. Farinella stated, "I am extremely pleased to have the spin off behind us and now all focus can be on building our business. I now strongly believe that we have the capital structure in the best position possible for building shareholder value moving forward."
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CONTACT INFORMATION:
Michael James Enterprises, Inc.
760 Route 10 West, Suite 203
Whippany, NJ 07981
908-204-0004
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