New Bridge Reorganization Finalizes Restructuring Plan.Business Editors PHOENIX--(BUSINESS WIRE)--Nov. 22, 2002 New Bridge Reorganization Corp. (Pink Sheets:NBRP NBRP National Bio Resource Project NBRP North Branch Restoration Project NBRP Northern Basin and Range Province ) announced today that on October 30, 2002, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. processed the final order under the Plan of Reorganization and ordered the Chapter 11 proceedings Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. to be closed, effective September 26, 2002. Under the provisions of the Plan, New Bridge Products, Inc. changed its name to New Bridge Reorganization Corp. As part of the plan the company has formed three groups of securities that have been distributed to its Class 1 creditors in satisfaction of its liabilities: Securities Pool A, Securities Pool B and Securities Pool C. Securities Pool C are identified as the common stock shareholders of New Bridge Products, Inc. at the confirmation date. Upon the effective date (July 29, 2002) New Bridge Reorganization Corp. issued 2,400,000 shares of its common stock to pool A, 500,000 shares of its common stock to pool B, and 100,000 shares of its common stock to pool C. New Bridge Reorganization Corp. also issued warrants to purchase 2,400,000 shares of its common stock to Pool A, warrants to purchase 500,000 shares of its common stock to Pool B and warrants to purchase 100,000 shares of its common stock to Pool C. The New Bridge Products, Inc. shareholders exchanged their shares on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. amount of ownership in New Bridge Products, Inc. for New Bridge Reorganization Corp. common shares based on their previous ownership percentages of New Bridge Products, Inc. In addition, New Bridge Products, Inc. shareholders received common shares and warrants in three additional corporations. More information on these entities can be obtained directly from the Company. On November 18, 2002, New Bridge Reorganization Corp. (NBRP) entered into a definitive agreement to acquire 100% of privately held Beverage Acquisition Corporation -- Jessup, MD. On November 25, 2002, New Bridge Reorganization Corp. will change its name and symbol to Sweet Success Enterprises, Inc. (SWTS SWTS Secure Web Transaction Solution SWTS Software Technology Strategy ). Additionally, SWTS will effectuate ef·fec·tu·ate tr.v. ef·fec·tu·at·ed, ef·fec·tu·at·ing, ef·fec·tu·ates To bring about; effect. [Medieval Latin effectu a 1-for-8 reverse split of its common stock and warrants. The terms of the transaction call for NBRP to issue 2,750,000 (88%) of its authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: but unissued common shares to Beverage Acquisition Corporation in a tax-free reorganization for 100% of its outstanding shares. The shareholders of New Bridge Reorganization will retain 12% of the combined entities. Accordingly the outstanding common shares and warrants of SWTS will be: 375,000 common shares and warrants held by the public (FLOAT) 2,750,000 common shares held by Insiders (Restricted) 3,125,000 Total outstanding common shares Sweet Success Enterprises, Inc. was formed to participate in the multi billion-dollar weight loss business. The company estimates that over 50% of Americans are considered overweight or obese o·bese adj. Extremely fat; very overweight. obese characterized by obesity. obese adjective Characterized by obesity, see there; excessively fat . The company plans to concentrate on liquid meal replacement products and eventually add dietary snack bars to its product mix. |
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