Tiger Reef, Inc. (OTCMKTS:BWBG) Files An 8-K Termination of a Material Definitive AgreementItem 1.02
Termination of a Material Definitive Agreement
On June 19, 2017, Tiger Reef’s wholly-owned subsidiary, Mermaid Reef, B.V., entered into a Lease Agreement with Simpson Bay Resort Owner Company, B.V. for the opening and operation of a branded Mermaid Reef Ocean Grill & Lounge™ restaurant on the premises of its Simpson Bay Resort and Marina located in St. Maarten, Dutch West Indies.
This Lease Agreement was for an initial term of 5 years with an option to extend for an additional 5 years without the need for further negotiations.
A copy of the Lease Agreement was filed as Exhibit 10.9 to the Form 8-K filed on June 20, 2017, and is incorporated herein by reference. The foregoing summary description of the Lease Agreement is qualified in its entirety by reference to the full texts of each of such exhibits.
On September 25, 2017, the Parties mutually agreed to terminate this Lease Agreement as a result of the catastrophic damage caused by Hurricane Irma to the island of St. Maarten and the Simpson Bay Resort & Marina where the restaurant was undergoing renovations for a planned December 2017 opening. As a result of this early lease termination, Tiger Reef will take a one-time write-off in the current fiscal quarter for its lost investment in this restaurant property.
About Tiger Reef, Inc. (OTCMKTS:BWBG)
Tiger Reef, Inc., formerly Blue Water Bar & Grill, Inc., is a producer of rums under the Tiger Reef brand. The Company is a developer of Caribbean casual dining restaurant properties. The Blue Water Bar & Grill restaurant concept features a casual, open air Caribbean themed restaurant designed to offer customers a distinctive and relaxing island dining experience. The Company focuses on opening a Blue Water Bar & Grill restaurant at Aruba, Dutch West Indies; Nassau, Bahamas; Cozumel, Mexico; Grand Cayman, and Barbados. As of September 30, 2016, the Company had not generated any revenues. Tiger Reef Spirits, Ltd. is a subsidiary of the Company.