Global Vision Holdings, Inc. is Proud to Announce that it has Eliminated All Toxic Debt
October 11 2016 - 6:30AM
Access Wire
IRVINE, CA / ACCESSWIRE / October 11, 2016 /
Global Vision Holdings, Inc. (OTC: GVHIB), announced today that as
of Monday, October 10, 2016 all of its toxic convertible debt from
Asher Enterprises Inc. has been eliminated from its books and a
Form 8-K has been filed to that effect.
The following lists the terms and settlement agreement by both
parties:
On February 26, 2013, Global executed a convertible promissory
note (the "February Note") in the amount of $50,000.00 in favor of
Asher pursuant to a certain Securities Purchase Agreement which
provided for, among other things, conversion rights in and to
Global's common stock, which amount was paid in full by various
conversions in the aggregate amount of $50,000.00 together with
applicable interest; and
On April 5, 2013, Global executed a convertible promissory note
(the "April Note") in the amount of $42,500.00 in favor of Asher
pursuant to a certain Securities Purchase Agreement which provided
for, among other things, conversion rights in and to Global's
common stock which Note has been partially reduced by conversions
totaling $25,980.00, leaving an outstanding defaulted principal
balance of $49,860.00; and
On May 1, 2013, Global executed a convertible promissory note
(the "May Note") in the amount of $63,000.00 in favor of Asher
pursuant to a certain Securities Purchase Agreement which provided
for, among other things, conversion rights in and to Asher's common
stock, no part of which has been paid leaving an outstanding
principal balance of $63,000.00; and
On August 2, 2013, Global executed a convertible promissory note
(the "August Note") in the amount of $30,000.00 in favor of Asher
pursuant to a certain Securities Purchase Agreement which provided
for, among other things, conversion rights in and to Asher's common
stock, no part of which has been paid leaving an outstanding
principal balance of $30,000.00; and
On October 28, 2013, Global executed a convertible promissory
note (the "October Note") in the amount of $18,500.00 in favor of
Asher pursuant to a certain Securities Purchase Agreement which
provided for, among other things, conversion rights in and to
Asher's common stock, no part of which has been paid leaving an
outstanding principal balance of $18,500.00; and
On March 12, 2014, Global executed a convertible promissory note
(the "March Note") in the amount of $53,000.00 in favor of Asher
pursuant to a certain Securities Purchase Agreement which provided
for, among other things, conversion rights in and to Asher's common
stock, no part of which has been paid leaving an outstanding
principal balance of $53,000.00.
Settlement Amount. In full and final settlement of all claims
asserted, or which could have been asserted in the Action, the
Global Parties agreed to pay, and Asher agreed to accept, the
aggregate sum of One Hundred Thousand Dollars ($100,000.00) (the
"Settlement Amount"), which has been paid to Asher Enterprise Inc.
by wire transfer on October 10, 2016.
Glen Carnes, CEO of Global Vision Holdings, Inc. said, "It has
been a hard path that we have had to walk due to the toxic
convertible debt that our former CFO took onboard from Asher
Enterprises, but we are now free of this debt and we have no
intention to ever take on any new toxic loans for the benefit of
the company and its shareholders. I want to personally thank our
shareholders who have stood by us during this difficult period.
During this time, we have continued to build the business and
concentrate on the operational day-to-day activities of the
Company. This hard work and effort by all members of the Global
Vision Holdings, Inc. team can now start to be capitalized on
without the added weight of the toxic convertible debt."
We, the Company, would like to thank you again for your vote of
confidence and look forward to informing you of our progression via
press releases in the near future.
Cautionary Statement Regarding Forward-Looking Statements
This release may include forward-looking statements. These
forward-looking statements are based on current expectations that
involve risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize or should underlying
assumptions prove incorrect, actual results may differ materially.
These risks include: changes in business or other market
conditions; the challenge of managing asset/liability levels; the
difficulty of keeping expense growth at modest levels while
increasing revenues; unforeseen challenges with respect to product
development and the timing thereof; integration efforts relating to
our acquisition activities; uncertainties regarding financing
efforts which may be undertaken by the Company; and other risks
detailed from time to time in the Company's Securities and Exchange
Commission reports, including but not limited to the Annual Report
on Form 10-K for the most recent year ended. Pursuant to the
Private Securities Litigation Reform Act of 1995, the Company does
not undertake to update forward-looking statements contained within
this news release.
Contact Information:
Glen Carnes
Chairman and CEO
Global Vision Holdings, Inc.
714-348-0605
glen.carnes@globalvisionholdings.net
SOURCE: Global Vision Holdings, Inc.
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