Global Equity International Inc. Successfully Agrees on a Payment Plan with Mammoth Corporation in Order to Suspend Further D...
December 07 2017 - 5:05PM
InvestorsHub NewsWire
Dubai -- December 07, 2017 -- InvestorsHub 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.”
About Global Equity International Inc. and
Subsidiaries.
Global Equity International Inc., through its wholly-owned
foreign subsidiaries, advises worldwide business leaders with their
most critical decisions and opportunities pertaining to growth,
capital needs, structure and the development of a global presence.
With offices in Dubai and London, Global Equity has developed
significant relationships in the US, UK, Central Europe, the Middle
East and South East Asia to assist clients in realizing their full
value and potential by bringing them to external capital and
resources that place an emphasis on collaborative thinking.
Furthermore, because Global Equity has offices in key financial
centers of the world, they are able to introduce their clients to a
unique opportunity of listing their shares on any one of the many
stock exchanges worldwide.
Safe Harbor Statement
This press release may include forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements related to anticipated revenues,
expenses, earnings, operating cash flows, the outlook for markets
and the demand for products. Forward-looking statements are no
guarantees of future performance and are inherently subject to
uncertainties and other factors which could cause actual results to
differ materially from the forward-looking statements. Such
statements are based upon, among other things, assumptions made by,
and information currently available to, management, including
management’s own knowledge and assessment of the Company’s industry
and competition. The Company refers interested persons to its most
recent Annual Report on Form 10-K and its other SEC filings for a
description of additional uncertainties and factors, which may
affect forward-looking statements. The company assumes no duty to
update its forward-looking statements.
Contact details:Mr. Enzo TaddeiDirector and officer of Global Equity International Inc.Tel. + (1) 321 200 0142Web: www.globalquityinternational.comEmail: ir@globalequityinternational.comMr. Brad HarePresident of Mammoth CorporationTel. +(1) 847 540 5044Email: brad@mammothcash.comWeb: www.mammoth4cash.comMr. Bruce A. HaaseRedChip Companies Inc.Tel: +(1) 407 644 4256 - Ext. 131Email: bruce@redchip.comWeb: www.redchip.com
Source: Global Equity International,
Inc.
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