PRESS RELEASE OCT 26 2015 http://www.otcmarkets
Post# of 226
Posted On: 10/27/2015 8:44:56 PM
PRESS RELEASE OCT 26 2015
http://www.otcmarkets.com/otciq/ajax/showNews...f?id=17439
TELECORP ANNOUNCES AGREEMENTS IN PRINCIPAL TO REDEEM OUTSTANDING
CONVERTIBLE NOTES AND TEMPORARILY HALT CONVERSION ACTIVITY
Barrie, Ontario Canada – October 26, 2015 – Telecorp, Inc. (OTC Markets: TLNUF)
(“Telecorp” or the “Company”), a growing provider of software communications solutions, in
response to a Board of Directors’ vote and, in the best interests of present and future
shareholders, has today announced that the Company has reached agreements in principal with
note holders to redeem balances of approximately $180,000 in convertible notes.
For the next 45 days, the Company has obtained covenant relief from three (3) of its debenture
holders and all conversion activities will be halted, during which time Telecorp can repurchase
the principal balances of three (3) notes which, in aggregate, are slightly more than $180,000.
The Company is confident it will be successful in redeeming these convertible notes; however,
there can be no guarantee of success in this initiative. Management believes this move will
prevent large sell-offs of shares and support the Company while it regains a healthy position in
the market. This initiative, along with Telecorp's previously-announced buy-back plan of up to
$250,000-worth of its common stock, is intended to benefit all shareholders, both present and
future; and will assist in avoiding future dilution, while simultaneously cleaning up dilution from
past debt conversions.
Commenting on the above-mentioned move, Telecorp CEO and President Paul Phillips stated:
“While management cannot control market prices, it can and must ensure that it acts in the best
interests of all of its shareholders and allowing any steep conversion of debt for any note holder
would not be to anyone’s benefit except the converting note holder.” He concluded, “This
decision is 100% in the best interest of all shareholders and the Company, and we intend to work
diligently toward the goal of successfully retiring these notes. With a 45-day halt in conversion
activity, we have some breathing room to execute what we consider a viable repayment plan.”
Telecorp is executing a clear strategy to pay down its debt obligations, close acquisitions in
process, and focus on generating revenue with new businesses. Recently, Telecorp has been
gaining positive momentum and is entering into a period of growth opportunity and building on
business to increase and sustain shareholder value.
Management thanks all shareholders for their continued support.
About Telecorp Inc.
Telecorp is an emerging provider of communication solutions to an array of companies and
industries including, automotive, real estate, financial, health, charities, and many more.
Telecorp offers creative software solutions for communicating with customers at levels never
seen before. A total solution that is not only affordable, but indispensable for any business, no
matter the size. Telecorp’s modules allow the best marketing tools, first rate sales acquisition
systems, customer communication processes, and drive greater profitability from every
interaction, allowing every user to reduce costs and increase productivity at every use.
The Company’s integrated suite of customized solutions includes, but is not limited to: customer
acquisition, customer care, automated voice services, emergency communications, conferencing,
data management, webinars, customer and hardware support tools, e-mail, fax and text broadcast
messaging, direct to voice mail messaging, customized voice messaging, text to speech systems,
predictive and progressive dialing, contact management solutions and much more.
http://www.otcmarkets.com/otciq/ajax/showNews...f?id=17439
TELECORP ANNOUNCES AGREEMENTS IN PRINCIPAL TO REDEEM OUTSTANDING
CONVERTIBLE NOTES AND TEMPORARILY HALT CONVERSION ACTIVITY
Barrie, Ontario Canada – October 26, 2015 – Telecorp, Inc. (OTC Markets: TLNUF)
(“Telecorp” or the “Company”), a growing provider of software communications solutions, in
response to a Board of Directors’ vote and, in the best interests of present and future
shareholders, has today announced that the Company has reached agreements in principal with
note holders to redeem balances of approximately $180,000 in convertible notes.
For the next 45 days, the Company has obtained covenant relief from three (3) of its debenture
holders and all conversion activities will be halted, during which time Telecorp can repurchase
the principal balances of three (3) notes which, in aggregate, are slightly more than $180,000.
The Company is confident it will be successful in redeeming these convertible notes; however,
there can be no guarantee of success in this initiative. Management believes this move will
prevent large sell-offs of shares and support the Company while it regains a healthy position in
the market. This initiative, along with Telecorp's previously-announced buy-back plan of up to
$250,000-worth of its common stock, is intended to benefit all shareholders, both present and
future; and will assist in avoiding future dilution, while simultaneously cleaning up dilution from
past debt conversions.
Commenting on the above-mentioned move, Telecorp CEO and President Paul Phillips stated:
“While management cannot control market prices, it can and must ensure that it acts in the best
interests of all of its shareholders and allowing any steep conversion of debt for any note holder
would not be to anyone’s benefit except the converting note holder.” He concluded, “This
decision is 100% in the best interest of all shareholders and the Company, and we intend to work
diligently toward the goal of successfully retiring these notes. With a 45-day halt in conversion
activity, we have some breathing room to execute what we consider a viable repayment plan.”
Telecorp is executing a clear strategy to pay down its debt obligations, close acquisitions in
process, and focus on generating revenue with new businesses. Recently, Telecorp has been
gaining positive momentum and is entering into a period of growth opportunity and building on
business to increase and sustain shareholder value.
Management thanks all shareholders for their continued support.
About Telecorp Inc.
Telecorp is an emerging provider of communication solutions to an array of companies and
industries including, automotive, real estate, financial, health, charities, and many more.
Telecorp offers creative software solutions for communicating with customers at levels never
seen before. A total solution that is not only affordable, but indispensable for any business, no
matter the size. Telecorp’s modules allow the best marketing tools, first rate sales acquisition
systems, customer communication processes, and drive greater profitability from every
interaction, allowing every user to reduce costs and increase productivity at every use.
The Company’s integrated suite of customized solutions includes, but is not limited to: customer
acquisition, customer care, automated voice services, emergency communications, conferencing,
data management, webinars, customer and hardware support tools, e-mail, fax and text broadcast
messaging, direct to voice mail messaging, customized voice messaging, text to speech systems,
predictive and progressive dialing, contact management solutions and much more.
(0)
(1)Exxe Group Inc. (AXXA) Stock Research Links
Scroll down for more posts ▼