04.17.06
Teeka Tan Products, Inc. announced that its executives are forgiving an aggregate of $458,826 of accrued but unpaid compensation payable to them under the terms of employment agreements between the company and each of the individuals. This amount was included in current liabilities on the company's audited balance sheet at December 31, 2005. This amount will be treated as a contribution to the capital of the Company.
"Forgiving our back pay further demonstrates management's commitment to building our company and expanding the Teeka Tan brand into a nationally recognized line of suncare products," stated Brian John, Teeka Tan president.
"Forgiving our back pay further demonstrates management's commitment to building our company and expanding the Teeka Tan brand into a nationally recognized line of suncare products," stated Brian John, Teeka Tan president.