This is what was posted by IR today on NTEK FB pag
Post# of 96891
Posted On: 11/20/2015 4:49:23 PM
This is what was posted by IR today on NTEK FB page. Proxy related to reducing debt ratio but I see NOTHING about reducing O/S. Hopefully that will follow.
Information on Royal Capital directly from the company:
David Foley, for over 7 years in lieu of taking a salary, having his expenses paid, and being compensated for many intellectual property assets that he brought to the company took the option to convert his debt to stock. In addition, Mr. Foley guaranteed loans to the company by securing those loans with his family's home. All of this was done to help fund the company in order to secure the future success of the company as it was growing.
Given the startup nature of the company and the need to fund growth, this was determined to be in the best interest of the company overall.
Royal Capital Group has purchased convertible debt from multiple people, including Mr. Foley, that had previously invested in Nanotech Entertainment.
Prior to his departure earlier this year, Mr. Foley invested some of his personal funds into NanoTech on a long term note. Royal Capital has further invested $1.3m in q2 of 2015 to help capitalize the company and allowed us opportunity to expand our offerings and build the company.
The company is obligated to the terms of the convertible debt to issue shares upon conversion notice. We have worked with Royal Capital to reduce the debt ratio substantially and are sending a proxy package to shareholders outlining the discounts we have an option to realize. As with all investments, everything is reviewed by multiple lawyers to ensure that NanoTech consistently follows all SEC regulations with every and all issuances of stock.
Information on Royal Capital directly from the company:
David Foley, for over 7 years in lieu of taking a salary, having his expenses paid, and being compensated for many intellectual property assets that he brought to the company took the option to convert his debt to stock. In addition, Mr. Foley guaranteed loans to the company by securing those loans with his family's home. All of this was done to help fund the company in order to secure the future success of the company as it was growing.
Given the startup nature of the company and the need to fund growth, this was determined to be in the best interest of the company overall.
Royal Capital Group has purchased convertible debt from multiple people, including Mr. Foley, that had previously invested in Nanotech Entertainment.
Prior to his departure earlier this year, Mr. Foley invested some of his personal funds into NanoTech on a long term note. Royal Capital has further invested $1.3m in q2 of 2015 to help capitalize the company and allowed us opportunity to expand our offerings and build the company.
The company is obligated to the terms of the convertible debt to issue shares upon conversion notice. We have worked with Royal Capital to reduce the debt ratio substantially and are sending a proxy package to shareholders outlining the discounts we have an option to realize. As with all investments, everything is reviewed by multiple lawyers to ensure that NanoTech consistently follows all SEC regulations with every and all issuances of stock.
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