Global Innovative Platforms Inc (GIPL): TCPS eliminates over $1M in debt. LOS...

Reply Private New

Next 10 Prev Next

Send PM Follow Ignore

Followers	800
Posts	118388
Boards Moderated	0
Alias Born	11/20/2004

lukin4winners

Re: None

Thursday, 08/14/2014 10:56:44 AM

Thursday, August 14, 2014 10:56:44 AM

TCPS eliminates over $1M in debt.

LOS ANGELES, July 31, 2014 /PRNewswire/ -- TechnoConcepts, Inc. (OTCMarkets/Pinksheets: TCPS) has recently been successful in negotiating with its last current debt holder and this debtholder has agreed to convert of all their debt to preferred stock of the Company.

The Company has received one (1) executed Debt Exchange Agreement from one debt holder and the debt holder indicated that they are willing to completely eliminate their debt and convert it to preferred stock.

This Debt Exchange Agreement eliminates over $1,000,000 in debt of the balance sheet of the Company. This will be reflected in the next financial statements filed with OTCMarkets by the Company.

The Company has eliminated over $2,200,000 in debt since June 2013. This is the fourth Debt Exchange Agreement the Company has successfully negotiated with debt holders.