Rocky Mountain High Brands Announces Summary Judgment Against LSW Holdings, LLC, Allowing Cancellation of Series A Preferred Stock

DALLAS, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTCQB: RMHB), a fully reporting lifestyle brand management company specializing in high-quality health and wellness products, announced today that on October 26, 2018, the District Court for Dallas County, Texas (the “Court”) entered a summary judgment order in our favor of Rocky Mountain High Brands, Inc and against LSW Holdings, LLC (“LSW”) in the case entitled Rocky Mountain High Brands, Inc. f/k/a Republic of Texas Brands, Inc. v. Radcliffe, et al; Case Number DC-18-013491. 

This case is a continuation of the Company’s ongoing litigation which began in the Court as Rocky Mountain High Brands, Inc. f/k/a Republic of Texas Brands, Inc. v. Jerry Grisaffi, et al; Case Number DC-17-15441. In this litigation, the Company sought the cancellation of Series A Preferred Stock (“Series A”) issued to Grisaffi, our former Chairman of the Board, and common stock issued to certain other defendants or later obtained by certain other defendants for little or no consideration paid to the Company. After the Court’s entry of final judgment against Grisaffi on August 30, 2018, the remainder of the case was severed and docketed as a new case – Case Number DC-18-013491.

In its Order dated October 26, 2018, the Court ruled that the Company’s Employment Agreement with Mr. Grisaffi dated April 1, 2013, and all stock or other instruments issued on the basis or authority of that Employment Agreement, are void ab initio and of no force and effect. Accordingly, the Court further ruled that the 1,000,000 shares of Series A, which were originally issued to Grisaffi and then later transferred to LSW, are of no force and legal effect. This action, taken by the Court, allows the Company to cancel the Series A Preferred Stock.

Finally, the Court granted additional summary judgment against LSW and Lily Li and in Rocky Mountain High Brands' favor on LSW’s and Li’s counterclaims in which they sought a Declaratory Judgment that the Series A stock was valid and enforceable and that Rocky Mountain High Brands' issuance of Series E Preferred Shares and actions taken thereunder were invalid; and that Rocky Mountain High Brands breached a contract with LSW.

The Company’s other claims against LSW and the other defendants in the case remain pending, as do the remaining counterclaims of LSW and the other defendants, and Mr. Grisaffi’s appeal of the final judgment against him entered August 30, 2018.

The Company filed a Form 8-K with the Securities and Exchange Commission on Tuesday, October 30, 2018. To review the Form 8-K, please click on this link:

About Rocky Mountain High Brands:

ROCKY MOUNTAIN HIGH BRANDS, INC., (RMHB) is a publicly-traded, lifestyle brand management company that markets “good for you” products to health-conscious consumers.

We are committed to empowering, motivating and inspiring healthy lifestyle habits that create a positive impact on everyday people. We reach those people with our brand messages and change people’s lives with our products. Our products inspire people to choose wellness and healthy lifestyles.

Our mission is to help people live more productive and healthier lives.

The Company currently markets a naturally flavored hemp-infused functional beverage under the name Rocky Mountain High. RMHB also bottles and distributes a naturally high alkaline spring water under the name Eagle Spirit Spring Water. In 2018, the Company launched its HEMPd product line, which consists of CBD-infused topicals, nutraceutical, and a line of CBD-infused flavored waters. The Company acquired FitWhey, a unique water-based protein drink that is naturally sweetened, flavored and colored that combines the highest quality whey protein isolate with caffeine. RMHB continues to be innovative through R&D and bringing new products to market.

Our vision is to create and sell “good for you” products that touch people in fun, unique and relevant ways.

For interested investors, our stock symbol is RMHB.

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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 to reflect events or circumstances that may arise after the date of this release.

Contact:

Michael Welch, President and Chief Executive Officer  

Investor Relations:         

David Seeberger, Vice President and General Counsel

Phone:  (972) 833-1585          

Fax:      (214) 593-5617