MATTHEWS, North Carolina, March 11, 2022 /PRNewswire/ — ORPHEUM Property, Inc. (OTC: PLFF) (the “Company”), a Delaware company, today announced that effective March 10, 2022a division of the company, KLMKH, Inc., filed for Chapter 11 (Subchapter V) bankruptcy in North Carolina. The timing of the filing was in response to a planned auction of KLMKH assets related to a $4.67MM judgment rendered and reported last summer. All negotiations with the lender having failed, the petition was filed to give KLMKH the opportunity to fully meet its financial obligations. The separate assets and liabilities of the Company do not form part of or are not affected by the KLMKH filing.
The company has expanded its scope of business, including into cryptocurrency tokens, a Crypto COLO center, and several other energy sectors. The Company has established three separate subsidiaries that will be used in a major project that will generate significant revenue. Negotiations are in the final stages and when fully executed will include advance payments which are expected to be sufficient to repay all debts and provide significant capital to invest in the Company’s oil and gas holdings, purchase additional holdings and fund expansion of renewable energy divisions.
Management and the Board of Directors are confident that the need for Chapter 11 protection for KLMKH should be unnecessary within 60 days, at which time the company intends to have the judgment paid in full from revenues, advances and loans.
In October 2021the Company issued a press release indicating that it had agreed to receive $25,000,000 in XUSD tokens, compensated by a convertible bond for the tokens under development by the Company. The company received 31,911 XUSD tokens which began trading in late 2021 at a rate above the purchase price paid. The Company then sold 5,000 XUSD tokens to a related party in early 2022 in exchange for a promissory note in the amount of $5,000,000. Recently, however, the issuer of the XUSD tokens developed a more reliable coin known as RoRa tokens which are backed by sufficient assets and replaced the company’s remaining XUSD tokens with an equal value of the new coin. ($20,000,000) based on pre-sale valuation. RoRa tokens will not enter the public market until June this year; therefore, the actual value of the tokens will not be established until mid-year.
The statements set forth herein express management’s beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and obtaining other financing, response to competition and other risks. Actual results may differ materially from these forward-looking statements.
SOURCE ORPHEUM Property, Inc.