BBHC to Liquidate Water Pilot Stake

COVID-19 Pandemic Impaired Business GrowthPHOENIX, AZ, Oct. 19, 2020 (GLOBE NEWSWIRE) — BBHC, Inc., (“BBHC” or “the Company”) (OTC: TRNX), announced today that the Company has elected to liquidate its 51% stake in the Water Pilot in order to clear its liabilities. The liquidation is not expected to provide any material financial proceeds to the Company in excess of the direct liabilities of that entity.The Water Pilot operates a water conservation technology that is primarily marketed in the southeastern United States, with a heavy customer concentration in Florida. The Water Pilot’s primary target client verticals operate in the fast food and restaurant market, hotels and hospitality, national retailers, and elder-care facilities.As a result of the COVID-19 pandemic and the prolonged downturn in the business activities within the Water Pilot’s target market, the subsidiary failed to achieve sufficient revenue generation to sustain its operations. As a result of this development, the Company elected to curtail its losses and divest of its stake for sufficient consideration to eliminate all remaining obligations related to the Water Pilot.“The liquidation of our stake in the Water Pilot is an unfortunate but necessary step in the curtailment of all operations under BBHC,” commented Scott Mahoney, CEO of BBHC. “The Company has no material financial resources, and management has determined that the best course of action is to immediately liquidate all assets.”“It is our goal to liquidate the remaining royalty payment rights, the Company’s stake in the Water Pilot, as well as its stake in Tarus Therapeutics. Based on our estimates, the proceeds of the disposition of these assets should enable the Company to clear its remaining liabilities and obligations. If these obligations are cleared in the near term, the Company will apply for voluntary de-listing and dissolve the business. The expectation is that this process should take three to six months,” concluded Mr. Mahoney.
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Michael Khorassani
IR@TaronisTech.com