Ormond Beach, FL -- (ReleaseWire) -- 02/28/2017 --Choose Rain, Inc. (OTCPink:CHOS), announced today that it has finalized and signed its Exclusive License Agreement and Change of Control Agreement with Cloudburst Distribution Pty Ltd (Cloudburst). CHOS, through Cloudburst, now has a manufacturing base in Western Australia to serve as a global launching platform for their products. The possibilities are endless for the high quality herbal products and the bespoke spirits now available by license through CHOS.
The Exclusive License Agreement grants CHOS Exclusive rights to all Cloudburst's USA revenues, for any Cloudburst products manufactured and/or sold in the USA. These product sales will flow through CHOS with CHOS retaining a royalty of 10% of all revenues. CHOS also announced the completion and signing of a future Change of Control Agreement as CHOS debts are retired using funds from the License Agreement. Both Choose Rain, Inc. and Gabriel's Ventures LLC, the majority shareholder, have agreed to the issuance of new restricted shares for the License Agreement and the transfer of the control block of Gabriel's 200M shares (the "Control Shares") to Cloudburst as CHOS debts are paid.
As of December 31, 2016, pursuant to the Agreement, CHOS had issued 95,230,000 new restricted shares and, in September 2016, CHOS issued 10,938,300 shares without restriction upon conversion of a convertible Note Payable. The total outstanding shares as of the news release were 485,317,243. Gabriel's has already transferred 92M of its Control Shares. The remainder of the 200M share Control Block will be transferred to Cloudburst as the debts are retired. The Agreement contains, among other provisions, a non-dilution clause which imposes restrictions on any increase in the 500M shares authorized or any reverse split.
Recognizing Choose Rain's shift in emphasis away from bottled rainwater, concentrating instead on distilled products including Herbal Products and Bespoke Spirits, Choose Rain, Inc. has begun the process of changing its name from Choose Rain, Inc. to Rooshine, Inc. ("Rooshine"). Rooshine reflects the Australian heritage of Cloudburst and their products. CHOS will be filing a request for the name change with FINRA also requesting a new stock symbol reflecting this change.
"We are quite excited about the variety of new products and the new relationships that we now have at our disposal. We will begin with the Bespoke Spirits then follow up with the Herbal Capsules and Tinctures." said Larry Curran, President and CEO of Choose Rain, Inc. "Gabriel's Ventures LLC would not have agreed to the Change in Control if we did not firmly believe that the royalty fees would retire CHOS' debts and allow Rooshine to fund future products and enter additional markets. Cloudburst has two links that pertain to the Bespoke Spirits: https://joom.ag/1xiW and https://joom.ag/Zb4W. Rooshine's web site should be completed in the near future."
Statement as to Forward-Looking Statements:
Forward-Looking Statements certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.
Larry Curran, President and CEO
Choose Rain, Inc.
Source: Uptick Newswire