DUBAI, UAE, Jan. 17, 2018 (GLOBE NEWSWIRE) --
Global Equity International, Inc. (OTCQB: GEQU) and its fully-owned foreign subsidiaries, a specialist consultancy firm with offices located in Dubai and London, would like to announce that on December 7, 2017 a form 8-k was filed with the SEC and a Press Release was also released to the Media the same day informing the Market that the Company had executed a legally binding rider 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.
Today, the Company would like to announce and, more so, confirm that the first stage payment amounting to US$54,168 was wired to Mammoth Corporation.
SEC 8-k Link to Mammoth Agreement: https://www.sec.gov/Archives/edgar/data/1533106/000149315217014340/0001493152-17-014340-index.htm
SEC 8-k Link to Funding Agreements: https://www.sec.gov/Archives/edgar/data/1533106/000149315218000473/0001493152-18-000473-index.htm
Enzo Taddei, CFO of Global Equity International Inc., said: “This stage payment is the first one of six equal monthly payments that we agreed with Mammoth Corporation. It consummates our written rider agreement filed with the SEC, via a form 8-k, on December 7, 2017 and has finally allowed us to get a grip of our capitalization structure. Having recently agreed and executed two separate funding agreements, one for a minimum of US$2.7 million in various tranches (we are in receipt of the first $400,000 tranche) and another for up to US$2.7 million in various tranches, and also the fact that we have other revenue income due to us, we are confident that we will not encounter any problems in paying the remaining monthly stage payments in a timely manner. We are only two weeks into January and already making giant strides into 2018.”
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.