NEW YORK--(BUSINESS WIRE)--Brookstone Partners, the majority shareholder of Platinum Power, rejects the accuracy of Mr. Omar Belmamoun's statements in a press release issued on March 21, 2019.
According to Brookstone Partners, “the Court procedure to which Mr. Belmamoun refers to is an alert procedure introduced by Platinum Power's Statutory Auditor due to the company's serious financial difficulties which were the direct consequence of Mr. Belmamoun’s disastrous management.’ Brookstone Partners has not initiated any 'judicial restructuring' and therefore, dismissal from any such action is irrelevant."
As a majority investor, Brookstone Partners welcomes the court’s decision regarding the continuation of Platinum Power’s business and reiterates its willingness to work with all shareholders, including minority shareholders, who have consistently demonstrated a strong determination to address the difficult situations that Platinum Power has faced to date, in order to find a viable, serious and credible solution to move forward.
This intention to work for the development of Platinum Power and its projects is not new to Brookstone Partners. Indeed, as the largest investor in terms of equity with 43.67% of Platinum Power and in terms of shareholder current accounts and nearly 80% of shareholder debt, Brookstone Partners has consistently supported Platinum Power since the company's creation, and more specifically from August 2016 to May 2018, by helping to finance all of the company's expenses over this period. This support only ceased when Mr. Belmamoun decided to refuse the recapitalization plan presented by Mr. Michael Toporek.
From this perspective, Brookstone Partners' intentions remain unchanged, namely Platinum Power's success in Morocco and Africa, for which Brookstone Partners has already invested $15 million. “I would like to reiterate, on this occasion, my willingness to salvage Platinum Power, its projects, and to honor the company's commitments to its employees,” said Michael Toporek, Founder and Managing General Partner of Brookstone Partners.
Brookstone Partners has instituted criminal proceedings against Mr. Omar Belmamoun and we look forward to quick resolution of this matter.