$HSCO MUST READ NEWS >> Hi Score Corporation Anno
Post# of 98978
Posted On: 10/24/2013 8:45:37 AM
[b]$HSCO MUST READ NEWS >> Hi Score Corporation Announces Plan to Significantly Lower its Issued Capital, once all of its Debt Obligations are Consolidated[/b]
Oct 23 2013
OTC Disclosure & News Service
ACCESSWIRE) 10/23/2013 8:30:00AM
Hi Score
Corporation. (OTC PINK: HSCO) is pleased to announce that it will be significantly lowering its Issued Capital, once it's debt to equity ratio falls below fifty percent. Hi Score Corporation has negotiated a Memorandum of Understanding, as well, with Mr. Michael Zoyes to cancel outstanding management contracts & previous issuances of common stock, in exchange for restricted convertible preferred stock. The company expects to announce changes to its Issued & Outstanding, prior to completing its look back audit.
William White, CEO of Hi Score
Corporation, states, We are completely breaking with the past. We are in the final throes of completing Novation Agreements with our Affiliates to remove Insider Debt from the balance sheet. We have also given permission to our Non Affiliate debt holders who own aged debt, to convert their notes into equity & assign any interest owing to qualified investors, so that we eliminate the repetitive conversions of the same debt in the open market. This was the basis of the problem that plagued previous management. The Debt Ceiling was consistently being raised, through Issuances, without assurances that these liabilities would not be allowed to compound. Confronting this issue with our Debt Holders, and explaining the impact of compounding debt as a derivative liability ensures that Hi Score Corporation has a real future and is not crippled by systemic dilution. Lowering the Issued Capital, once the debt is converted, and exchanged for equity, is the logical next step to enhance shareholder confidence. "
A Company Spokesperson, further
added,?We inherited a company that has affiliate & non affiliate debt. We
realize many of the stock holders have been impacted negatively through the
dilution that's occurred in the open market, because of the debt. The corporate
action, of issuing a dividend through restricted convertible preferred stock,
pending FINRA approval, is a great way to enhance shareholder confidence,
because of its convertibility features. We cannot continue, however, to do
Issuance Resolutions for our Debt Holders, without receiving assurances from
them, that we can negotiate outstanding balances for convertible preferred
stock. We have been able to negotiate those assurances and look forward to
lowering the Issued Capital, once the Auditors, have reviewed the Agreements.
About Hi Score Corporation:
Hi Score Corporation (HSCO.PK)
serves as the parent company for Green LED Technology Inc. Hi Score is also the
owner of the EcoGreenBulb Line of Compact Fluorescent Lamps and the REPCO Line
of Traditional Lighting. For these three companies the primary aim at Hi
Score is to show their clients how to save energy and money by utilizing safe,
efficient, lighting. To find out more information about these Companies please
visit our website at www.hiscorecorporation.com.
To further pursue and support the Company?s desire for diversification within
the green energy marketplace, in October of 2013 the Company acquired Next
Dimension Marketing Inc. (NDMI), a U.S. assembler & exclusive distributor
of hydrogen converters; specifically including the Performance Enhancement and Emissions Control Hydrogen (PEECH) System. To find out more about NDMI and the PEECH System please visit their website at www.ndmarketinginc.com.
Safe
Harbor Statement: This release includes
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E and or 27E of the
Securities Exchange Act of 1934 that are based upon assumptions that in the
future may prove not to have been accurate and are subject to significant risks
and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be
forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
Company
Contact Information:
Mr. William White, Chief
Executive Officer
Harvardtrust@execs.com or info@greenledsolutions.com or bill@ndmarketinginc.com
Oct 23 2013
OTC Disclosure & News Service
ACCESSWIRE) 10/23/2013 8:30:00AM
Hi Score
Corporation. (OTC PINK: HSCO) is pleased to announce that it will be significantly lowering its Issued Capital, once it's debt to equity ratio falls below fifty percent. Hi Score Corporation has negotiated a Memorandum of Understanding, as well, with Mr. Michael Zoyes to cancel outstanding management contracts & previous issuances of common stock, in exchange for restricted convertible preferred stock. The company expects to announce changes to its Issued & Outstanding, prior to completing its look back audit.
William White, CEO of Hi Score
Corporation, states, We are completely breaking with the past. We are in the final throes of completing Novation Agreements with our Affiliates to remove Insider Debt from the balance sheet. We have also given permission to our Non Affiliate debt holders who own aged debt, to convert their notes into equity & assign any interest owing to qualified investors, so that we eliminate the repetitive conversions of the same debt in the open market. This was the basis of the problem that plagued previous management. The Debt Ceiling was consistently being raised, through Issuances, without assurances that these liabilities would not be allowed to compound. Confronting this issue with our Debt Holders, and explaining the impact of compounding debt as a derivative liability ensures that Hi Score Corporation has a real future and is not crippled by systemic dilution. Lowering the Issued Capital, once the debt is converted, and exchanged for equity, is the logical next step to enhance shareholder confidence. "
A Company Spokesperson, further
added,?We inherited a company that has affiliate & non affiliate debt. We
realize many of the stock holders have been impacted negatively through the
dilution that's occurred in the open market, because of the debt. The corporate
action, of issuing a dividend through restricted convertible preferred stock,
pending FINRA approval, is a great way to enhance shareholder confidence,
because of its convertibility features. We cannot continue, however, to do
Issuance Resolutions for our Debt Holders, without receiving assurances from
them, that we can negotiate outstanding balances for convertible preferred
stock. We have been able to negotiate those assurances and look forward to
lowering the Issued Capital, once the Auditors, have reviewed the Agreements.
About Hi Score Corporation:
Hi Score Corporation (HSCO.PK)
serves as the parent company for Green LED Technology Inc. Hi Score is also the
owner of the EcoGreenBulb Line of Compact Fluorescent Lamps and the REPCO Line
of Traditional Lighting. For these three companies the primary aim at Hi
Score is to show their clients how to save energy and money by utilizing safe,
efficient, lighting. To find out more information about these Companies please
visit our website at www.hiscorecorporation.com.
To further pursue and support the Company?s desire for diversification within
the green energy marketplace, in October of 2013 the Company acquired Next
Dimension Marketing Inc. (NDMI), a U.S. assembler & exclusive distributor
of hydrogen converters; specifically including the Performance Enhancement and Emissions Control Hydrogen (PEECH) System. To find out more about NDMI and the PEECH System please visit their website at www.ndmarketinginc.com.
Safe
Harbor Statement: This release includes
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E and or 27E of the
Securities Exchange Act of 1934 that are based upon assumptions that in the
future may prove not to have been accurate and are subject to significant risks
and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be
forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
Company
Contact Information:
Mr. William White, Chief
Executive Officer
Harvardtrust@execs.com or info@greenledsolutions.com or bill@ndmarketinginc.com
(0)
(0)