BRK Completes Restructuring and Materially Increases Shareholder Participation in Project Phoenix
HENDERSON, Nev., Sept. 16, 2020 /PRNewswire/ -- BRK, Inc. (the "Company") (OTC: BRKK) is pleased to inform its shareholders that the final step of its corporate restructuring has been achieved with the creation of PCS Inc. – Phoenix Custom Silicon Incorporated.
PCS has been incorporated as a private company in the state of Nevada, and is envisioned to serve as an investment vehicle for joint venture and other potential large-scale investment collaborations pertaining to the previously announced advanced chip initiative, Project Phoenix. All development of Project Phoenix will proceed within BRK, and any co-investment via PCS Inc., aimed at increasing business development and operational scale will see BRK shareholders participate on a pro rata basis determined by their stake in BRK. This negates and voids previous plans to award BRK shareholders 10% equity in the Project Phoenix related chip business. As such, it is expected that should co-investment discussions already under pursuit materialize, shareholders of BRK as a whole would be expected to own at least 50% or more of PCS with individual pro rata shareholdings of PCS dependent on the % of shares owned in BRK. Management believes this to be a very positive development for BRK shareholders and looks forward to securing a material initial investment partner for PCS Inc. by the end of 1Q 2021 or earlier. Furthermore, management has secured initial indications of support in obtaining significantly greater, institutional level investment from tier one banking clients should initial funding and proof of commercialization offer a sufficient minimal revenue baseline for Project Phoenix and PCS Inc.
We thank our shareholders for their continued loyalty and support and look forward to executing on our exciting strategic roadmap over the course of 2020 and thrughout 2021 and beyond.
BRK Inc. (OTC PINK: BRKK), established in 2008, BRK is the next generation in live-action broadcasting technology. We are a full-service provider geared to professional leagues and athletes, whether it be traditional sports, extreme sports or esports, and that will allow fans to watch them in action from perspectives that do not exist today. Our niche is that we are a second screen content provider that does not pose a threat to first screen media but rather we provide the opportunity to pioneer complimentary content and campaigns. In addition to the above, Gen 2 technology is being developed for applications in security, law enforcement and other industrial verticals.
The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are intended to be covered by the safe harbor provisions of the federal securities laws. Forward-looking statements often contain words such as "will," "anticipate," "believe," "plan," "estimate," "expect," "intend," "is targeting," "may," "should," ''poised,'' and other similar words or expressions. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those described in any of our other filings with the SEC. In addition, such statements could be affected by risks and uncertainties related to: (i) commercialization of our newly-acquired helmet camera, (ii) continuing development and protection of our intellectual property, (iii) unexpected industry competition, (iv) the need to raise capital to meet business requirements, and (v) our ability to sell our products in order to generate revenues. Forward-Looking Statements are pertinent only as of the date on which they are made, and the company undertakes no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future developments or otherwise. Any future public statements or disclosures modifying any of the forward-looking statements contained in or accompanying this news release, will be deemed to supersede such statements in this news release. Information on BRK Inc.'s website, http://www.brkgen2.com does not constitute a part of this release.
SOURCE BRK, Inc.