Medizone International Announces Commencement of Involuntary Bankruptcy Proceedings Against the Company

Medizone International Announces Commencement of Involuntary Bankruptcy Proceedings Against the Company

PR Newswire

KALAMAZOO, Mich., April 20, 2018 /PRNewswire/ – Medizone International, Inc. (OTCQB:MZEI) or Medizone, manufacturer of the AsepticSure® system, today announced that certain creditors of the Company have commenced an involuntary bankruptcy proceeding under Chapter 11 of the United States Bankruptcy Code against the Company.  The creditors include Mr. Edwin G. Marshall, the former Chairman and Chief Executive Officer of the Company, and Dr. Jill C. Marshall, the former Director of Operations of the Company.  The Company is evaluating its options in light of the involuntary bankruptcy proceeding.

About Medizone International, Inc.

Medizone International, Inc. is focused on commercializing the AsepticSure® System, a superior disinfectant technology compared to conventional systems or practices.  The company developed the AsepticSure® System to combine oxidative compounds (O3 and H2O2) to produce a unique mixture of free radicals (H2O3 known as trioxidane) with much higher oxidative potential than ozone or hydrogen peroxide alone.  After securing broad IP protection for the use of trioxidane for both healthcare and non-healthcare facility disinfecting systems and bioterrorism applications, Medizone released its AsepticSure® System for use in Canada, and several other global markets.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act.  Our actual results could differ materially from those projected in these forward-looking statements, which involve a number of risks and uncertainties, including the risk that government and international agencies and organizations may not adopt our system, global economic conditions generally, government regulation, manufacturing and marketing risks, adverse publicity risks, risks associated with our entry into the U.S. and other markets, expansion and operations.  The contents of this release should be considered in conjunction with the risk factors, warnings, and cautionary statements that are contained in our most recent filings with the Securities and Exchange Commission.  

For press information on Medizone International, please contact:

John Pentony, Investor and Media Relations
Medizone International, Inc.
T: 269-202-5020
E: j.pentony@medizoneint.com

For more information, visit:
www.medizoneint.com
Email: operations@medizoneint.com

 

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SOURCE Medizone International, Inc.

LXRandCo Comments on Bon-Ton Stores Bankruptcy Proceedings and Wind-Down of Operations

LXRandCo Comments on Bon-Ton Stores Bankruptcy Proceedings and Wind-Down of Operations

Canada NewsWire


– Company Anticipates No Material Financial Impact –

MONTREAL, April 20, 2018 /CNW/ – LXRandCo, Inc. (“LXRandCo” or the “Company“) (TSX: LXR, LXR.WT), an international omni-channel retailer of branded vintage luxury handbags and accessories, today commented on the bankruptcy proceedings and wind-down of operations of The Bon-Ton Stores, Inc. (“Bon-Ton”), which is expected to result in the closure of all Bon-Ton stores.  LXRandCo currently has “shop-in-shop” locations at 14 Bon-Ton stores, located primarily in the greater Chicago and Milwaukee areas.  As per the terms of its partnership agreement with Bon-Ton, LXRandCo has legal ownership title to all of the inventory and store fixtures at its “shop-in-shop” locations within Bon-Ton stores and LXRandCo expects to reclaim all such inventory and fixtures in an orderly manner over the ensuing weeks.  In addition, all sales personnel at the affected LXRandCo locations are employees of Bon-Ton and will follow the appropriate procedures under the wind-down of the Bon-Ton operations. As such, LXRandCo anticipates no material financial impact from the closing of the 14 Bon-Ton stores with LXRandCo locations.

“While we are disappointed with the outcome of the Bon-Ton bankruptcy proceedings, we are confident that we can redeploy the inventory and fixtures from these stores to new locations as we continue to service both our existing U.S. retail network and potential new partners alike,” said Fred Mannella, Vice Chairman and Chief Development Officer, LXRandCo.

Steven Goldsmith, LXRandCo’s incoming President and Chief Executive Officer, added, “Despite the loss of a valued retail partner, LXRandCo’s unique vintage “shop-in-shop” model remains a compelling value proposition for retailers and consumers, and we will continue to evolve the business model to more efficiently capitalize on the opportunities ahead.  One of my first priorities upon assuming my role will be to work with the team to review our operations and map out the evolution of LXRandCo’s omnichannel strategy, including revaluating the anticipated growth plans for our retail network absent the opportunities from the Bon-Ton partnership, and with a specific focus on disciplined growth, while increasing margins and profitability.”

About LXRandCo

LXRandCo is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and other personal luxury products. LXRandCo sources and authenticates high-quality, pre-owned products from iconic brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, and sells them at attractive prices through: a retail network of stores located in major department stores in Canada, the United States and Europe; wholesale operations primarily in the United States; and its own e-Commerce website, www.lxrco.com.

Caution Regarding Forward-Looking Statements

Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements“). Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “could”, “would”, “will”, “expect”, “intend”, “estimate”, “forecasts”, “project”, “seek”, “anticipate”, “believes”, “should”, “plans” or “continue”, or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements in this news release include, but are not limited to, statements concerning future objectives and strategies to achieve those objectives, including, without limitation, store openings, as well as other statements with respect to management’s beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts.  Forward-looking statements reflect management’s current beliefs, expectations and assumptions and are based on information currently available to management, which includes assumptions about continued revenues based on historical past performance, management’s historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. With respect to the forward-looking statements included in this press release, management has made certain assumptions with respect to, among other things, the Company’s ability to meet its future objectives and strategies, the Company’s ability to achieve its future projects and plans and that such projects and plans will proceed as anticipated, the expected growth of the Company’s e-Commerce revenue, the expected number and timing of store openings in North America and internationally, entering into new and/or expanded retail partnerships in North America and internationally, the Company’s ability to source products, the Company’s competitive position in the vintage luxury industry, and beliefs and intentions regarding the ownership of material trademarks and domain names used in connection with the marketing, distribution and sale of the Company’s products as well as assumptions concerning general economic and market growth rates, currency exchange and interest rates and competitive intensity.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Readers are cautioned that the actual results achieved will vary from the information provided herein and that such variations may be material. Consequently, there are no representations by LXRandCo that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.

SOURCE LXRandCo, Inc.

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The Bon-Ton Stores, Inc. Announces Winning Bid in Bankruptcy Court-Supervised Auction

The Bon-Ton Stores, Inc. Announces Winning Bid in Bankruptcy Court-Supervised Auction

PR Newswire

MILWAUKEE, April 17, 2018 /PRNewswire/ – The Bon-Ton Stores, Inc. (OTCQX: BONT) (“the Company”) today announced the winning bid in an auction for the Company’s assets held pursuant to Section 363 of the U.S. Bankruptcy Code. 

Subject to Bankruptcy Court approval, a joint venture composed of the holders of the Company’s 8.0% Second Lien Secured Notes due 2021 and Great American Group, LLC and Tiger Capital Group, LLC will acquire the inventory and certain other assets of the Company. A hearing by the Bankruptcy Court to approve the sale and wind-down of the Company’s operations is scheduled for April 18, 2018.

Bill Tracy, President and Chief Executive Officer, said, “While we are disappointed by this outcome and tried very hard to identify bidders interested in operating the business as a going concern, we are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact of this development on our associates, customers, vendors and the communities we serve. We are incredibly grateful to all of our associates for their dedicated service to Bon-Ton and to our millions of loyal customers who we have had the pleasure to serve as their hometown store for more than 160 years.”

Throughout the court-supervised asset sale process, the Company’s stores, e-commerce and mobile platforms under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates will remain open throughout the store closing sales. Bon-Ton expects to provide more details about the liquidation plans and going out of business sales at its stores following approval of the winning bid by the Bankruptcy Court.

As previously announced, on February 4, 2018, Bon-Ton and its subsidiaries filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.


Additional Information

Additional information is available on the Company’s restructuring website at bontonrestructuring.com. Court filings and other documents related to the court-supervised process are available at https://cases.primeclerk.com/bonton or by calling the Company’s claims agent, Prime Clerk, at (844) 253-1011 (toll-free in the U.S.) or (347) 338-6537 (for parties outside the U.S.).

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as the Company’s legal counsel, AlixPartners LLP is serving as restructuring advisor and PJT Partners, Inc. is acting as financial advisor.

About The Bon-Ton Stores, Inc.
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 250 stores, which includes nine furniture galleries, in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.  The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings.  The Bon-Ton Stores, Inc. is an active and positive participant in the communities it serves.  For further information, please visit http://investors.bonton.com.  


Cautionary Note Regarding Forward-Looking Statements

Certain information included in this release and in other communications made by the Company contain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements, which may be identified by words such as “may,” “could,” “will,” “plan,” “expect,” “anticipate,” “believe,” “estimate,” “project,” “intend,” or other similar expressions, involve important risks and uncertainties that could significantly cause future results to differ from those expressed in any forward-looking statements. Factors that could cause such differences include, but are not limited to: risks related to retail businesses generally; deterioration of general economic conditions; potential increases in pension obligations; consumer spending patterns, debt levels, and the availability and cost of consumer credit; additional competition from existing and new competitors or changes in the competitive environment; changes in energy and transportation costs; weather conditions that could negatively impact sales; the ability to attract and retain qualified management; the dependence upon relationships with vendors and their factors; a data security breach or system failure; the ability to reduce or control SG&A expenses; operational disruptions; unsuccessful marketing initiatives; the ability to improve efficiency through the Company’s eCommerce fulfillment center; changes in, or the failure to successfully implement, our key strategies, including the store rationalization program and initiatives to improve our merchandising, marketing and operations; adverse outcomes in litigation; the ability to obtain financing for working capital, capital expenditures and general corporate purposes; the impact of regulatory requirements; the financial condition of mall operators; and the  uncertainties relating to the bankruptcy filing by the Company, including, but not limited to, (i) the Company’s ability to obtain Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court in the Chapter 11 case, including maintaining strategic control as debtor-in-possession; (ii) the ability of the Company and its subsidiaries to negotiate, develop, confirm and consummate a plan of reorganization; (iii) the effects of the Company’s bankruptcy filing on the Company and on the interests of various constituents; (iv) Bankruptcy Court rulings in the Chapter 11 case and the outcome of the Chapter 11 case in general; (v) the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the proceedings; (vi) risks associated with third party motions in the Chapter 11 case, which may interfere with the Company’s ability to confirm and consummate a plan of reorganization; (vii) the potential adverse effects of the Chapter 11 proceedings on the Company’s liquidity or results of operations; (viii) increased advisory costs to execute the Company’s reorganization; and (ix) other risks and uncertainties. Additional factors that could cause the Company’s actual results to differ from those contained in these forward-looking statements are discussed in greater detail under Item 1A of the Company’s Annual Report on Form 10-K for fiscal 2017 and subsequent filings with the Securities and Exchange Commission. Forward-looking statements made by the Company in this release, or elsewhere, speak only as of the date on which the statements were made. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

MEDIA CONTACT:
Christine Hojnacki, 414-347-5329
christine.hojnacki@bonton.com

Michael Freitag / Leigh Parrish / Tim Ragones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

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SOURCE The Bon-Ton Stores, Inc.