LOS ANGELES, March 24, 2015 (GLOBE NEWSWIRE) -- Everlert, Inc. (the "Company") (OTC:EVLI), is pleased to announce that it has filed its annual report and corresponding financial statements for the year ended December 31, 2014 with the OTC Markets.
Mark Blankenship, President and CEO of the Company, stated, "The 2014 annual financials reflect significant steps in the transformation of Everlert from a single business operation to a diversified company that is active in both Real Estate and Entertainment. We have retired most of the legacy debt inherited or created by the Company from previous operations, allowing the Company the financial flexibility to be free from the burden of a stale balance sheet and marginally profitable operations. Management will now be able to aggressively build its portfolio of intellectual properties and focus on Southern California real estate opportunities. With the Company's stronger corporate structure, new management team, focused operations and business plan, we are very optimistic about the outlook for 2015."
In October of 2014, the Company's board of directors agreed to take steps to reduce debt and to diversify Company operations by pursuing new business opportunities in Entertainment and Real Estate. In order to satisfy these objectives, Everlert Entertainment, Inc. was formed on January 6, 2015, as a Nevada Corporation. Everlert Entertainment Inc. is provider of strategic management services for entertainment related projects based on intellectual properties licensed to the Company. Projects include films, TV, music and digital media.
Everlert Properties Inc. was formed on December 29, 2014, as a Nevada Corporation. Everlert Properties Inc. consults with property owners to evaluate and propose development strategies, as well as evaluate possible sources of project financing in the form of structured financing.
To reduce debt and financial obligations, on February 20, 2015, management sold its debt laden subsidiary, Totalpost Services, Inc., in exchange for 100,000,000 shares of Everlert Preferred Stock, Class "D", par value $0.001, which are being canceled by the Company. The price paid by the purchaser included the assumption of all debt and financial obligations of Totalpost Services Inc., totaling $1,708,187 at the time of the closing. This transaction resulted in the reduction of the Company's overall debt by $858,000, as well as the termination of any ongoing costs such as licensing fees and other obligations.
The Company was also successful in working with convertible note holders to convert their debt of $423,170 to common stock, thereby eliminating $423,170 of liabilities.
During the fourth quarter, the Company engaged Sadler, Gibb & Associates, LLC, as the independent PCAOB auditor to complete the required SEC audit procedures as part of the process of qualifying Everlert as a "Reporting Public Company" under the Securities Act of 1943 and allowing for the listing of Everlert's common stock on a more senior quotation service.
The 2014 annual report is available on the OTC Markets web site at:
http://www.otcmarkets.com/financialReportViewer?symbol=EVLI&id=134362
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. The 2014 Annual report referenced herein and filed with OTC-Markets on their web site was prepared by management and reflects the financial results of the company on an unaudited basis. All information furnished in the Annual Report was prepared from the books and records of Everlert Inc. in accordance with Rule 15c-211 under the Securities Act of 1943 as Amended.
Company Web Site: www.everlertinc.com
Mark Blankenship, President & CEO