TOCCA LIFE HOLDINGS, INC., The First Publicly Traded Sober Living Company, Clears approximately $6 million in liabilities by finalizing the Share Exchange Agreement including spinning-off its wholly owned subsidiary, Xirxi Co. Ltd.
LAKE WORTH, FL–(Marketwired – OCT 5, 2015, 4:15 PM) – TOCCA LIFE HOLDINGS, INC. (OTC PINK: TLIF) — TOCCA Life Holdings, Inc.’s President and CEO, Tyler Cornell, announced today.
The spin-off allows the company to focus on its core businesses in the addiction recovery and clinical toxicology space and is the final deliverable under the share exchange agreement among TOCCA Life Holdings, Inc. (fka T-Bay Holdings, Inc.), TOCCA Life Coaching, Inc. and the shareholders of TOCCA Life Coaching, Inc. Under the terms of the spin-off the company acquiring Xirxi Co. Ltd. (“Xirxi”) will assume $5,700,000 in liabilities associated with that business in exchange for the business of Xirxi, including its assets carried on the books that are valued at $1,233,575. This clears almost $6 million in liabilities from the Company’s financial statements. CEO, Tyler Cornell, stated, “I’ve always tried to practice patience and perseverance with daily positive progress independent of the risks associated with any one deal that I’m working. This time, my goals were complemented by more than building a business or being controlled by a business model instituted by my employer, but instead, by the TOCCA clients to whom we are responsible. Our clients’ daily battle with the disease of addiction is so much harder than the delays inevitable in business. Clearing approximately $6 million of liabilities, thanks to those currently involved, is not only emblematic to the cause but clears the path for an extremely promising business model designed to help the more than 25% of American families directly affected by the disease of addiction.”
Cornell went on to say, “I think everyone involved, is just waging a war on drugs via the lack of demand, rather than relying on billions of tax payer dollars spent to simply protect the public after their unlawful use.”
Although details have not been disclosed, TOCCA Life has been seeking strategic alliances as the shareholder agreement was finalized. The alliance partners will to be vested in the cause and integrity in operations is priority. The alliances sought, are based on Cornell’s premise that, “if you can build it like you say, minimize shareholder risk, share the profit of your opportunity and perform…”
The full release can be found at the http://www.marketwired.com
About TOCCA Life Holdings, Inc. (OTC PINK: TLIF):
Located in Lake Worth, Lantana and Boynton Beach, Florida, the first publicly traded sober living facility, TOCCA Life, offers clients more than the typical halfway house, recovery residence, sober or transitional living experience by opening up doors of interest that may spark a new passion for life while practicing the 12 Step Program in its safe, structured sober living environment. Extra precautions are being taken for the clients and the community with clinical toxicology testing, to monitor prescription drug use and make clients accountable for illicit drug use, as clients transform themselves back into productive members of society.
About Tyler Cornell:
Forward Looking Statements:
The statements made herein contain forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. In some cases, forward-looking statements can be identified by terminology including “goal,” “believes” “objective,” “can,” “may,” “will,” or the negative of these terms or other comparable terminology. We operate in a rapidly-changing environment and new risks emerge from time to time. As a result, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make.
TOCCA LIFE HOLDINGS, Inc.:
1721 N. O Street, Lake Worth, Florida, 33460