Business
Project START assigned to Bondholders
Project START assigned to Bondholders.
About this update from Sixty Six Oilfield Services, Inc.
[{"type":"text","content":"We hereby inform all interested parties that as of last week, despite the best efforts of Progress? management, Progress has been unsuccessful in obtaining customers and licensees for and outside funding for manufacturing and marketing of the START Project, without which Progress will be unable to create value for its stockholders.\nIn the past Progress Watch Corporation had issued 2 convertible bonds with a nominal value of US$ 449,540. The accumulated amount of the loans, including the penalty and the accumulated interest amounted as per June 30, 2013 US$ 848,061. The Bondholders have announced that they are not willing to convert the bonds into shares and have put the convertible bonds due for payment. Progress Watch Corporation does neither have sufficient cash nor is able to generate this cash to repay the bonds. In the discussions with the bondholders, it has been agreed upon, that the convertible loans will be amortized, by assigning the project START, including all related assets, the shares of and the payable to the 100% subsidiary Calibrum SA. This transaction will result on a one-time income for the Company of approximately US$ 800,000. \nProgress? management and majority stockholders have determined that it is in the best interest of stockholders to amortize the bonds through the described transaction and for Progress to acquire another business which may have better prospects for creating stockholder value. Progress has currently one prospect for acquisition of another business, provided there is no assurance that such acquisition can be completed in short term or that it will create any stockholder value.\n* * * * * * * * * * * * * * * * * * * *\nProgress Watch Corporation, together with its Swiss subsidiary Calibrum AG, is dedicated to independently providing high end, innovative, reliable, stable, flexible and unique Swiss made mechanical watch movements to the elite of the Swiss watch industry. \nThis press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors. The Company expressly disclaims any obligation ...