$HSCO MUST READ NEWS >> Hi Score Corporation Annou
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Posted On: 10/24/2013 8:49:50 AM
$HSCO MUST READ NEWS >> Hi Score Corporation Announces Plan to Significantly Lower its Issued Capital, once all of its Debt Obligations are Consolidated
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
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
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