Remaining Section 3(a)(10) Debt Transaction Canceled and Fully Diluted Shares Outstanding Decreased by 31%
NEWTOWN, CT–(Jul 14, 2017) – Halitron, Inc. (the “Company,” “Halitron”) (OTC PINK: HAON), a holding company implementing a roll-up of sales, marketing, and manufacturing businesses, today announced that the two final payments totaling $63,471 that were forecasted to be paid through the issuance of an estimated 1.3 Billion free trading shares based on the Section 3(a)(10) Fairness Hearing process as outlined in the Form 8-K filing with the Securities and Exchange Commission on May 15, 2017 will not be completed and the share reserve agreement has been canceled.
Management decided it was in the best interests of Halitron, Inc. shareholders to negotiate the closure of the Section 3(a)(10) agreement with Northbridge Financial. 1.3 billion shares, if issued, would have totaled 31% of total shares outstanding upon conversion (2,859,303,373 Outstanding Shares + 1,269,420,000 Estimated 3a10 Shares = 4,128,723,373). With the current share price and market capitalization at a low-level, closing at $0.0004 per share on July 13, 2017, it was a strategic decision to work through the mechanics of negotiating the release of the $63,471 in debt from Northbridge, which places the debt with the vendor back on the financial statements of the Company. One of the main objectives of going through the Section 3(a)(10) was to get professional fees paid in full so we can complete the objective of finishing the audit. Those payments were made in full. Significant payments were made against the other vendors which has only $63,471 remaining and Management feels that through upcoming transactions we will be able to honor those commitments and advance the Company’s growth model.
The last Corporate Stock Issuance whereby debt was converted into free trading shares was June 26, 2017.
Outstanding shares and float as of July 14, 2017:
Outstanding Shares – 2,859,303,373
Float – 2,641,030,061
Halitron is neither an underwriter as the term is defined in Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant to the Investment Company Act of 1940. Halitron is not an investment adviser pursuant to the Investment Advisers Act of 1940. Halitron is not registered with FINRA or SIPC.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company’s control. Halitron, Inc is neither an underwriter as the term is defined in Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant to the Investment Company Act of 1940. Halitron, Inc. is not an investment adviser pursuant to the Investment Advisers Act of 1940. Halitron, Inc. is not registered with FINRA or SIPC.