LAS VEGAS, Feb. 17, 2017 (GLOBE NEWSWIRE) -- XLI Technologies, Inc. (OTC PINK:XLIT) (“XLI” or the "Company") is pleased to provide current updates, adjustments and direction regarding its corporate position, status and adjusted business development plan.
XLI is currently preparing to file a formal complaint to the SEC regarding two parties in which they believe to be found causing financial damages, droit moral and affecting XLI’s value in the marketplace. This caused the company not to be in current reporting status as well as having to extend the timeframe of all projections including, but not limited to, the theater rollout installations. These two parties are as follows: party #1, Traders-Choice (traders-choice.com). James Schramm stated “I, XLI and/or any/all related affiliates has never entertained, considered and/or conducted any business of any kind with Traders Choice.” Party #2 is RDW Capital, LLC / John DeNobile. James Schramm commented, “RDW Capital, LLC and John DeNobile provided a convertible note to XLI in the beginning, positioning as to support the success of XLI. Their undermining and unimaginable plan caught me by surprise. I confronted John DeNobile on the phone with my findings and suspicions. I feel that his reaction was unprofessional to say the least. I feel that John threatened me, my family, XLI and the shareholders as his behavior and verbiage seemed as if he was a loanshark.” Mr Schramm sent an email to John’s / RDW’s attorney, David E. Danovitch, Esq. regarding the issue. As James Schramm states, “My email to David was to allow an opportunity for clarity or a confirmation of my suspicions. My email was simple; reply back to set the record straight or do not reply back in which I will assume the confirmation of my suspicions.” James Schramm never received a reply back from David E. Danovitch.
James Schramm, CEO of XLI Technologies, Inc., stated, “I am committed and still believe that XLI can be as successful as I felt in the beginning and possibly even more. I have no plans on XLI going out of business.”
The company has committed to damage control, positioning to stabilize and to structure objectives that will ensure current reporting status and updated directions and positioning for the future. This process timeframe is estimated about 6 months to complete.
Despite James Schramm’s financial losses and the current position of XLI, James decided again, to expense more of his own private time, money and resources to support a plan that will get the company back. Effective immediately, the following plan are several objectives that need to be met and completed: (XLI plans to release future PR providing details, specifics and status of each objective.)
* Updated Web Site ( XLItech.com ) COMPLETED
* Withdrawal of the Company’s registration statement on Form S-1 (File No. 333-210562) COMPLETED
* Issue back 65 million common shares of James Schramm stock that he previously and voluntarily cancelled. COMPLETED
* Cancelling Caribbean Islands rights and get back/cancel 4.7 million shares of series C preferred stock. COMPLETED
* Facilitate a loan from a private investment fund to pay for the following: payoff and settle all convertible notes (no conversions), pay for “In House Legal (1 attorney), accounting and administration (1 exec.), Sales dept./facilitation/distribution opportunities (2 execs.), Pay expenses to bring company to current active reporting status.
* Complete/activate XLI off the pinks and on bulletin board (OTCQB).
* Complete the Theater rollout.
* Offering additional technology products and services which includes purchase and/or acquisitions of other companies. If and upon the possibility of acquiring other companies, XLI could possibly grow from a Technology company to an American Multinational Conglomerate Holding Company.
These positioning objectives can secure and insure a stable, successful and exciting company positioned for amazing growth.
Currently, XLI Technologies, Inc. provides unique, versatile, durable, and eco-friendly Nanotechnology printed light products (Printed LightSheets™) to the entertainment sector including movie theaters, movie studios, production and distribution companies, talent and management agencies, marketing and PR firms, and outdoor media in the USA and Canada. Printed LightSheets™ are a 100% Nanotech-based light product utilizing a specialty coating printed on a thin sheet (as thin as paper) to generate a clean and pure light source that uses less than one watt of electricity per foot. Printed LightSheets can be bent, cut, folded and smashed without causing any affect or altering to the light. Printed LightSheets have a heat tolerance of 200 degrees F and cold tolerance of -15 degrees below zero, and can stay on continuously for over 10 years. This Printed LightSheet does not have or use any LEDs, bulbs, fuses, glass, and not even any conductive metal.
Notice Regarding Forward-Looking Statements This press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with intellectual property protection, marketing and sale, manufacturing and distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact: Info@XLItech.com
