Dover, DE, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Metatron Inc. (OTC Pink: MRNJ), a mobile and web technology pioneer having developed over 2,000 apps on iTunes and Google Play, is pleased to announce that the Company is officially canceling any/all plans for the reverse split that was previously announced and filed with regulators.
After careful deliberation with key debtholders and Metatron advisors, the Company firmly resolved that it would not be in the best interest of the Metatron shareholders or the Company-at-large to execute a reverse split that has been in the regulatory review process. In full agreement with the counsel of debtholders and other advisors, the Company is preparing required documents that will be informing regulators that the Company will not be moving forward with the filed reverse split and will be formally requesting the split request to be cancelled.
CEO Joe Riehl stated: "Right on the heels of Metatron achieving a moratorium on conversions and dilution through October 31, 2022, I can proudly say that we have now put to rest any fears of a near term reverse split. The planned reverse split is being canceled, period. The Metatron executive team has complete confidence in its current business strategy to attract a broader range of new shareholders at the current price levels and believes that with value we are adding and shortly planning to add that our existing share structure makes perfect sense moving into the future."
The Company also reported favorable progress in its ongoing talks with the key debtholders of Metatron. These talks primarily center around Metatron's commitment to restructure debt and organize friendly terms beneficial to all parties over the coming 12 months. The Company is also seeking to reach terms to extend the existing moratorium on dilution into November-December.
The Company also updated shareholders on the recent AI acquisition. Metatron associates continue to work hand-in-hand with the seller in order to polish the online AI interface with some minor finishing touches being added. The Company has been assured that live testing will begin soon before the final reveal.
CEO Joe Riehl concluded: "Since establishing Metatron's new Artificial Intelligence Division, we have:
1. Successfully entered into a moratorium on dilution at least until October 31, 2022,
2. Negotiated and continuing to negotiate favorable debt restructuring with our key debtholders,
3. Successfully inked our first AI acquisition deal,
4. Getting close to inking our second AI acquisition deal, and now
5. Made a firm commitment to cancel the corporate reverse split that was previously filed.
Metatron is strengthening current business relationships as well as forging new relationships that we believe will be instrumental in maximizing shareholder value in the coming weeks. Much has already been achieved and together we are on the cusp of some truly impressive announcements."
The Company will continue to update our valued investors early and often! Please visit our corporate Twitter account often: https://twitter.com/MetatronInc
Forward-Looking Statements: Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results of the specific items described in this release, and the company’s operations generally, to differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company’s need for additional financing, which is not assured and which may result in dilution of shareholders, the company’s status as a small company with a limited operating history, dependence on third parties and the continuing popularity of the iOS operating system, general market and economic conditions, technical factors, receipt of revenues, and other factors, many of which are beyond the control of the company. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements, and we disclaim any obligation to update information contained in any forward-looking statement. Metatron does not grow, sell or distribute any substances that violate United States Law or the controlled substance act.
Contact:
ir@metatronapps.com
