Astika Holdings, Inc Issues Shares to Lower Debt and Pay Contractors

Astika Holdings, Inc. (OTC:ASKH) announced today that it has successfully removed $575,000 in debt off of its Balance Sheet through the issuance of stock.

Officers Mark Richards (President) and Ralph Willmott (Secretary) were each issued 2,000 Preferred A shares in order to retire $200,000 in debt owed to each party, as well as 8,000 Preferred E convertible shares each in order to retire an additional $40,000 in debt owed to each party.

The Company was also able to negotiate the retirement of $95,000 in fees and accrued interest owed to consultants Artfield Investments RD Inc and CK Dragon Trust, stemming from uncompensated work completed on behalf of the Company in 2015. Each of the two consultants was issued 9,500 Preferred E convertible shares as full and complete satisfaction of all past-due fees and interest owed.

These issuances of Preferred A shares give Mark Richards and Ralph Wilmott each 40% of the voting rights of the Company.  Together they now control 80% of the vote on shareholder issues, subject to Florida corporate law, an increase from 29% of the voting rights held in total by the two officers prior to the Preferred A issuances.

All issuances were confirmed by the Board of Directors through a finalizing resolution dated January 15, 2023. On these large debt retirements, President Mark Richards commented: “Cleaning up our Balance Sheet has been a major priority of ours, as it forms an important prerequisite to our next phase of activity. Any acquisitions that we may target now become much easier without this debt burden. We want to acknowledge the cooperation of our two consultant partners in making this happen.”

Copies of the certificate of designations for the Preferred Series E convertible shares, which include the rights and preferences for this series of stock as well as its conversion ratio, are being made available by the Company upon request.

About Astika Holdings Inc.: Astika Holdings, Inc. is a development-stage Florida corporation. Management is preparing to relaunch the Company through a variety of strategic acquisitions in the textile, service, and/or industrial sectors to complement and capture the next wave of growth companies from the US, Asia and New Zealand.

For more information, please contact:

Mark Richards
President
Astika Holdings, Inc.
markr@cswy.co.nz