ORBIT BRANDS CORPORATION Reports on Chapter 11 Status and Progress Toward Reorganization.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- ORBIT BRANDS CORPORATION (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OBTV) reported today on the status of its Chapter 11 bankruptcy case, which is currently pending in the United States 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. for the Central District of California, in Los Angeles. On December 14, 2004, the Company voluntarily converted its bankruptcy case from an involuntary Chapter 11 which had been initiated by several of its creditors to a voluntary Chapter 11 case, in order to move forward with proposed restructuring efforts and prepare a plan of reorganization. The filing of the Chapter 11 case enabled the Company to bring a halt to vexatious litigation A legal action or proceeding initiated maliciously and without Probable Cause by an individual who is not acting in Good Faith for the purpose of annoying or embarrassing an opponent. The U.S. in several states and to protect the interests of shareholders and legitimate creditors. The Company timely filed its bankruptcy schedules and related filings, and a creditors committee has recently been appointed to represent the interests of the Company's unsecured creditors. The Company is now preparing its plan of reorganization and a disclosure statement to accompany the plan. The Company expects to file its proposed disclosure statement and reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. and to emerge from the Chapter 11 case. ORBIT BRANDS CORPORATION is a publicly traded Delaware Corporation listed on the NASDAQ. The primary focus of the Company is growth via the acquisition and development of early stage high growth companies in the technology, health and fitness, and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and industries. ORBIT BRANDS CORPORATION is positioned to identify, acquire, fund and develop these companies for the purpose of creating business and shareholder value. Forward Looking Statements Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward- looking statements, shall be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results. |
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