IRVINE, Calif., Oct. 12, 2016 (GLOBE NEWSWIRE) -- Global Vision Holdings, Inc. (OTCQB:GVHIB), announced today that as of Monday, October 10, 2016 all of its toxic convertible debt from Asher Enterprises Inc. has been eliminated from its books and a Form 8-K has been filed to that effect.
The following lists the terms and settlement agreement by both parties:
On February 26, 2013, Global executed a convertible promissory note (the “February Note”) in the amount of $50,000.00 in favor of Asher pursuant to a certain Securities Purchase Agreement which provided for, among other things, conversion rights in and to Global’s common stock, which amount was paid in full by various conversions in the aggregate amount of $50,000.00 together with applicable interest; and
On April 5, 2013, Global executed a convertible promissory note (the “April Note”) in the amount of $42,500.00 in favor of Asher pursuant to a certain Securities Purchase Agreement which provided for, among other things, conversion rights in and to Global’s common stock which Note has been partially reduced by conversions totaling $25,980.00, leaving an outstanding defaulted principal balance of $49,860.00; and
On May 1, 2013, Global executed a convertible promissory note (the “May Note”) in the amount of $63,000.00 in favor of Asher pursuant to a certain Securities Purchase Agreement which provided for, among other things, conversion rights in and to Asher’s common stock, no part of which has been paid leaving an outstanding principal balance of $63,000.00; and
On August 2, 2013, Global executed a convertible promissory note (the “August Note”) in the amount of $30,000.00 in favor of Asher pursuant to a certain Securities Purchase Agreement which provided for, among other things, conversion rights in and to Asher’s common stock, no part of which has been paid leaving an outstanding principal balance of $30,000.00; and
On October 28, 2013, Global executed a convertible promissory note (the “October Note”) in the amount of $18,500.00 in favor of Asher pursuant to a certain Securities Purchase Agreement which provided for, among other things, conversion rights in and to Asher’s common stock, no part of which has been paid leaving an outstanding principal balance of $18,500.00; and
On March 12, 2014, Global executed a convertible promissory note (the “March Note”) in the amount of $53,000.00 in favor of Asher pursuant to a certain Securities Purchase Agreement which provided for, among other things, conversion rights in and to Asher’s common stock, no part of which has been paid leaving an outstanding principal balance of $53,000.00.
Settlement Amount. In full and final settlement of all claims asserted, or which could have been asserted in the Action, the Global Parties agreed to pay, and Asher agreed to accept, the aggregate sum of One Hundred Thousand Dollars ($100,000.00) (the "Settlement Amount"), which has been paid to Asher Enterprise Inc. by wire transfer on October 10, 2016.
Glen Carnes, CEO of Global Vision Holdings, Inc. said, "It has been a hard path that we have had to walk due to the toxic convertible debt that our former CFO took onboard from Asher Enterprises, but we are now free of this debt and we have no intention to ever take on any new toxic loans for the benefit of the company and its shareholders. I want to personally thank our shareholders who have stood by us during this difficult period. During this time, we have continued to build the business and concentrate on the operational day-to-day activities of the Company. This hard work and effort by all members of the Global Vision Holdings, Inc. team can now start to be capitalized on without the added weight of the toxic convertible debt.”
We, the Company, would like to thank you again for your vote of confidence and look forward to informing you of our progression via press releases in the near future.
Cautionary Statement Regarding Forward-Looking Statements
This release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the challenge of managing asset/liability levels; the difficulty of keeping expense growth at modest levels while increasing revenues; unforeseen challenges with respect to product development and the timing thereof; integration efforts relating to our acquisition activities; uncertainties regarding financing efforts which may be undertaken by the Company; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements contained within this news release.
Contact Information: Glen Carnes Chairman and CEO Global Vision Holdings, Inc. 714-348-0605 glen.carnes@globalvisionholdings.net
