Business
Halitron, Inc. Announces Conversion of Preferred Stock into a $3 Million Shareholder Asset
Halitron, Inc. Announces Conversion of Preferred Stock into a $3 Million Shareholder Asset.
About this update from Halitron Inc
[{"type":"text","content":"\n\n NEWTOWN, CT, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Improves Security Position by Booking Long-term Debt Instead of Equity. \n Halitron,Inc. (the “Company,” “Halitron”) (OTC: HAON), a multisector holding company, is pleased to announce the successful negotiations to modify an existing agreement to reflect the following impact on Halitron’s financial books and records. Halitron has returned 56 million restricted common shares and 80 million Life’s Time Capsule Services, Inc.’s (“LTCP”) Preferred Stock C shares to LTCP in exchange for the receipt of a note payable for $3 million, bearing interest of 4%, which matures in July 2020.  In the transaction, the assets sold to LTCP in the original transaction will revert to a Halitron asset on its balance sheet.  In 2020, upon receipt of the $3 million principal and interest along with Halitron’s Board of Directors’ approval, Management will submit corporation action paperwork to FINRA for the issuance of a cash dividend to its shareholders, of which record, and payment dates will be announced post receipts of the settlement of the note payable for $3 million. Other Updates: The audit work is under way and is expected to complete in the first half of 2018 with the objective to uplist to the OTC QB.Halitron has begun to buy back shares in the open market according to the “black-out” periods disclosed in its filing to OTC Markets with the objective to increase its share price to $0.01 per share.  The $0.01 share price is one of the requirements by OTC markets to uplist to the OTC QB.  The number of shares and price paid will be listed in its quarterly filings.The acquisition of the Hopp Companies, Inc.’s assets, and the subsequent transition to Halitron’s infrastructure, has been very successful to date.  Over the past week, half of the production equipment has been relocated to Newtown, CT and will be set up and tested for full production over the coming weeks.  Management is forecasting to exit the 5,000-square foot facility in New Hyde Park, NY by the end of March 2018, upon which time Halitron’s operating expenses should decrease dramatically.Management is now drafting the strategic plan to utilize previously acquired assets, specifically the two brands, Pi...