|By PR Newswire||
|August 6, 2014 06:19 PM EDT||
MIAMI, Aug. 6, 2014 /PRNewswire/ -- Spectrum Business Ventures announced today that all recent legal actions by three of the co-investors in OFG Investors, LP have been resolved and terminated. The original filing arose from a misunderstanding regarding how funds were utilized for the Adore nightclub project in Miami Beach, Florida. A joint statement by all parties states that:
"Subsequent to filing litigation, the parties exchanged information and materials and were able to resolve their differences of opinion and their allegations. As a result the claims and counterclaims in the Litigation are being withdrawn and dismissed by all parties. After having shared such information and review of necessary records, the parties not only have withdrawn their claims, but agreed to continue to be partners, reinvest together as partners, and look forward to working together to make Ocean First Group and Adore nightclub into long term successful ventures."
Spectrum Business Ventures, Inc. through an affiliate is a financial investor in OFG Investors, LP and Oceans First Group, LP – a venture that was established to create an upscale nightlife venue in Miami Beach with an expected grand opening in November 2013. Unfortunately, the project went substantially over budget and the venue opening was delayed till late-March 2014, raising questions from investors.
Spectrum Business Ventures CEO, Amit Raizada, stated, "The air has been cleared. After bringing in independent forensic accountants and completing a thorough review of project documents, we have shown there were no improprieties of any sort by my firm, our staff, or myself. The matter has been resolved and we continue to move forward in the best interests of Ocean First Group."
About Spectrum Business Ventures, Inc.: Founded in 2002, Spectrum Business Ventures, Inc. is a private firm providing unique business opportunities for family offices, high net worth individuals and institutional investors. The company has investments in entities in the United States, Central America and Europe, in a wide range of industries. For more information, visit http://sbv.com.
About Adore: Launched in March 2014, Adore is a 12,000 square-foot upscale nightclub in Miami Beach. The premiere club hosts world-class DJs and features a luxurious design with extravagant elements, including a candle bar with engraved antique mirrors, a glowing cathedral ceiling, the finest lighting and sound system in the city by industry leader Funktion-One, and a dance floor crowned with a three-dimensional LED sphere. For more information, visit http://clubadore.com.
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SOURCE Spectrum Business Ventures