ORLANDO, Fla., Dec. 05, 2024 (GLOBE NEWSWIRE) -- via IBN -- Branded Legacy, Inc (OTC.PK: BLEG), provides updates as it confronts recent challenges and charts a focused path forward. The company has reaffirmed its commitment to the biotech and wellness sectors, with its primary focus now on expanding its wholly owned subsidiary, Sycamore BioPharma.
Addressing Recent Challenges
Branded Legacy recently endured a targeted attack that temporarily compromised its digital assets, including critical platforms such as banking and OTC accounts access. This malicious act, orchestrated in part by former employees, not only disrupted operations but also resulted in delays and reduction of profit from a major contract projected to generate over $10 million in revenue. Coupled with hurricane-related operational disruptions and shipping delays at the company's Florida facilities, these challenges have significantly impacted the company's short-term operations and financial outlook.
In response, Branded Legacy has taken decisive action to secure its digital assets, remove individuals involved in the attack, and restructure its operations. Released subsidiaries include The Alcannabist LLC, Rocket Web Development and Design LLC, and All In Extracts LLC. All executives associated with these subsidiaries have been removed from their positions and are no longer associated with the company. Branded Legacy is now focused on overcoming these setbacks by concentrating its efforts and resources on Sycamore BioPharma, its flagship subsidiary.
Strategic Focus on Sycamore BioPharma
Sycamore BioPharma, acquired by Branded Legacy eight months ago, has become the cornerstone of the company's growth strategy. Renowned for its development of innovative wellness solutions, Sycamore BioPharma aligns seamlessly with Branded Legacy's commitment to quality, natural ingredients, and scientific excellence. With a focus on expanding Sycamore's operations and pipeline, Branded Legacy is positioning itself to capture new market opportunities and drive long-term success.
To support this renewed focus, Branded Legacy has entered discussions for the sale of MariJ Pharmaceuticals Inc. Revenue from this sale will be used to offset dilution moving forward, as we fund Sycamore's continued development and operational expansion. Additionally, we have determined that a raise of the authorized share count will be necessary to offset any funding gaps from the MariJ sale. This will ensure the company can execute its strategic objectives, recover from the impact of lost revenue, and pursue new growth opportunities in the biotech and wellness markets.
Looking to the Future
Despite recent setbacks, Branded Legacy remains steadfast in its mission. The company is advancing late-stage discussions to supply one-fifth of Europe's CBD market, an initiative that could significantly expand its international footprint. Our specific goal is to scale up to production of 3 tons of CBD isolate monthly, with 1.5 tons being exported to the European Union and 1.5 tons sold domestically through existing channels. In addition, the company is moving forward with its rebranding initiative, transitioning its name and symbol to Royal Enterprises, Inc. (ROYL) to reflect its evolution and renewed focus.
"These challenges have only strengthened our resolve," stated CEO Dave Oswald. "While the actions of former employees have created significant hurdles, our commitment to growth and innovation remains unwavering. By focusing on our more successful subsidiaries and securing the necessary funding to expand, we are poised to recover and achieve even greater success in the biotech and wellness industries. Concerning our share structure and other changes: We made our best effort to keep a tight share structure, and support share price growth as much as possible to attract investors. However, after nearly 2 years, it is time to accept that the market reaction was not what we had hoped. At this point it has become necessary for us to utilize the public vehicle in such a way that it directly benefits the company's operations. Previously I have stated that we would not be raising the authorized any time soon. Unfortunately, I did not foresee our current predicaments, and I have to admit that I was wrong. While efforts will still be made to protect and grow the SP, all options will be on the table moving forward. Specifically, we will be raising the authorized to compensate our remaining executives, support acquisitions, and seek additional capital for expansion."
About Branded Legacy:
Branded Legacy, Inc. is a forward-thinking company specializing in the development and commercialization of biotech and wellness products. With a focus on strategic growth, innovation, and quality, the company is dedicated to enhancing lives and creating sustainable value for its shareholders.
Media Contact
Media at Branded Legacy
Phone: (321) 345-3565
Email: info@brandedlegacy.com
Website: https://brandedlegacy.com/
Safe Harbor Statement on Forward-Looking Language:
This release includes forward-looking statements, which are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. Dilution, if any, would be for the purposes of management taking stock in lieu of cash salary. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, this press release that is not statements of historical fact may be considered to be forward-looking statements. Written words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future.
