DALLAS, Aug. 17, 2016 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTC PINK:RMHB) announced today that on Tuesday, August 16, 2016, the Company filed a motion in Florida State Court asking the Judge to allow the Company to assert claims against Roy J. Meadows for defamation and usury relating to certain loans he made to the Company. With those claims, RMHB will seek damages exceeding $25 million, including disgorgement of profits on sales of Company stock.
As disclosed in the Company’s recent Form 10 filing, RMHB previously filed a Complaint against Roy J. Meadows in the Circuit Court of the Eighteenth Judicial Circuit, Seminole County, Florida styled Rocky Mountain High Brands, Inc. v. Meadows, Case No. 2016-CA-000958-15-W. In its initial complaint, RMHB was primarily focused on preventing Meadows from improperly arbitrating certain purported disputes at his house before a non-lawyer.
Now, RMHB also seeks to assert claims against Mr. Meadows for usury and defamation. The Amended Complaint, which was attached to the Company’s Motion for Leave, generally alleges that The Exchange Agreement and Notes violate the usury laws of the State of Florida and seeks forfeiture of the right to collect any interest, forfeiture of right to collect the debt, forfeiture of double the interest paid by Plaintiff to Defendant, and the return to Plaintiff of any amounts paid, including but not limited to the cancellation and/or rescission of any and all warrants and other equity issued to Defendant as part of any debt-to-equity swap under the Exchange Agreement or otherwise as consideration for the Notes.
Further, RMHB will seek damages for defamation stemming from Mr. Meadows’s false public statements issued in April. At that time, Mr. Meadows published false statements of fact about the Company and supposedly pending claims against it that caused damage to the Company’s reputation, caused its stock value to decline, and deterred third-parties from investing. RMHB now seeks to hold Mr. Meadows accountable for his false statements.
In summation, RMHB’s Amended Complaint will demand the forgiveness of all debt owed to Mr. Meadows, cancellation of all his warrants, the return of the Series C preferred shares held by Mr. Meadows, disgorgement of all profits earned by Mr. Meadows as a result of his usurious notes, disgorgement of profits on trading RHMB common stock, a penalty of double the interest charged, and damages for his defamation of the Company. Total damages sought from Mr. Meadows exceed $25 million.
About Rocky Mountain High Brands:
ROCKY MOUNTAIN HIGH BRANDS, INC., is a consumer goods company specializing in brand development of health conscious, hemp-infused food and beverage products. The Company currently markets a lineup of four naturally flavored hemp-infused beverages (Citrus Energy, Black Tea, Mango Energy and Lemonade) and a low calorie Coconut Lime Energy drink. Rocky Mountain High Brands also offers hemp-infused 2oz. Mango Energy Shots and Mixed Berry Energy Shots, as well as a new Relaxation Brownie.
For Interested investors, our stock symbol is RMHB.
For ordering information please visit: www.RockyMountainHighBrands.com
For Rocky Mountain High Distribution Contact:
James Gang: (214) 763-0024
james@rockymountainhighbrands.com
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Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.