Global Equity International Inc. Successfully Agrees on a Payment Plan with Mammoth Corporation in Order to Suspend Further Dilution of its Stock
Dubai, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Global Equity International, Inc. (OTCQB: GEQU) and Mammoth Corporation would like to jointly announce that both parties have executed a legally binding agreement whereby Mammoth Corporation agreed to suspend further conversion of debt into equity and receive the remaining outstanding debt in six equal and manageable payments commencing January 15, 2018 and ending June 15, 2018. Subject to the agreement, Global Equity International Inc. agreed to allow Mammoth Corporation to execute one final conversion into equity, as it was their contractual right to do so anyway. In order to mitigate this final conversion, both parties agreed that Mammoth would be limited to a dribble-out and only be able to sell at a maximum rate of 15% of the Company´s daily trading volume. This dribble-out selling limitation should inherently allow the Company´s stock to continue to trade unencumbered.
Enzo Taddei, CFO of Global Equity International Inc., said: “I am very happy with the deal that I struck with Mr. Brad Hare, President of Mammoth Corporation, as it now allows us to finally put a cap on dilution and also allows us to maximize and manage the minimum US$2.64 million capital funding that we contractually agreed and expect to start to receive from William Marshal Plc. in tranches within this month of December. I have found Mammoth Corporation, and in particular Mr. Hare, to be serious industry professionals; they actually listen to the companies that they invest in and are always willing to make accommodations when it makes sense to do so. In the past, Mammoth has converted part of our debt to equity but has never proven to be an aggressive seller of our Company´s stock.”
Brad Hare, President of Mammoth Corporation, said: “After seeing the recently announced accomplishments of Global Equity International, we are confident that entering into this agreement will help the Company toward achieving its long term goals and enable management to execute on its business plan. As an additional vote of confidence, we think it will further benefit the Company to limit our possible sales with the inclusion of a dribble-out agreement.”
Dubai, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Global Equity International, Inc. (OTCQB: GEQU) and Mammoth Corporation would like to jointly announce that both parties have executed a legally binding agreement whereby Mammoth Corporation agreed to suspend further conversion of debt into equity and receive the remaining outstanding debt in six equal and manageable payments commencing January 15, 2018 and ending June 15, 2018. Subject to the agreement, Global Equity International Inc. agreed to allow Mammoth Corporation to execute one final conversion into equity, as it was their contractual right to do so anyway. In order to mitigate this final conversion, both parties agreed that Mammoth would be limited to a dribble-out and only be able to sell at a maximum rate of 15% of the Company´s daily trading volume. This dribble-out selling limitation should inherently allow the Company´s stock to continue to trade unencumbered.
Enzo Taddei, CFO of Global Equity International Inc., said: “I am very happy with the deal that I struck with Mr. Brad Hare, President of Mammoth Corporation, as it now allows us to finally put a cap on dilution and also allows us to maximize and manage the minimum US$2.64 million capital funding that we contractually agreed and expect to start to receive from William Marshal Plc. in tranches within this month of December. I have found Mammoth Corporation, and in particular Mr. Hare, to be serious industry professionals; they actually listen to the companies that they invest in and are always willing to make accommodations when it makes sense to do so. In the past, Mammoth has converted part of our debt to equity but has never proven to be an aggressive seller of our Company´s stock.”
Brad Hare, President of Mammoth Corporation, said: “After seeing the recently announced accomplishments of Global Equity International, we are confident that entering into this agreement will help the Company toward achieving its long term goals and enable management to execute on its business plan. As an additional vote of confidence, we think it will further benefit the Company to limit our possible sales with the inclusion of a dribble-out agreement.”
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