InvestorsHub Logo
Followers 1
Posts 71
Boards Moderated 0
Alias Born 06/28/2016

Re: None

Friday, 08/26/2016 3:06:16 PM

Friday, August 26, 2016 3:06:16 PM

Post# of 70580
Simlatus Announces Delivery of Fiber Group Order

-SIML Extinguishes another $70,671 in Convertible Debt-

Grass Valley, CA -- (Marketwired) – 07/26/2016 – Simlatus Corporation (OTC PINK: SIML) -- announces today that following the completion of the purchase order process in connection with the North Carolina based Fiber Group, Inc., Simlatus and its engineering staff have completed the building, testing and shipment of the first 20 Innovation 16x1 Video/Relay Router units. The units were shipped last week after Fiber Group’s client tested and approved several units for their performance specifications. The Simlatus product will be used for security surveillance in a major nuclear plant in the USA. The remaining 20 units are scheduled for delivery in about 15 – 20 days.
Chairman and co-founder Bob Stillwaugh stated, “I am very pleased to oversee the design, manufacturing, assembly and testing of all our products built for Fiber Group. I am equally proud of how this product has performed over the years, and give thanks to our stellar team of engineers, suppliers and management who made this a very smooth process for Fiber Group. Although our 55 different products are used today by NBC, ABC, CBS, FOX, ESPN, DirecTV and hundreds of other broadcast studios, the $50,000 order from Fiber Group opens new doors and new markets in commercial video surveillance, with the anticipation of future orders of similar applications in high-end video security for our commercial and government customers.”
Furthermore, CEO Gary B. Tilden stated, “Pursuant to an agreement entered into between Direct Capital Group and the Company, the Company returned assets held by the Company and relative to certain convertible debt between the Company and Direct Capital. In exchange for the return of the mining assets and oil exploration assets the Company held, Direct Capital Group agreed to extinguish several outstanding Notes it held against Grid Petroleum Corp. The elimination of those Notes was disclosed in a Form 8-K filed on May 20, 2016, of which the amount of $70,671 was inadvertently omitted. Effective as of July 25, 2016, the Company and Direct Capital agreed to cancel the debt settlement dated December 31, 2012 in the amount of $70,671.”
Gary Tilden further stated, “We are working on extinguishing even more convertible debt over the next few months, to prevent conversions and dilution. The company has been able to extinguish approximately $2M in debt since March 10, 2016 while increasing the assets of $6.25M in intellectual property, inventory and tooling. The company revenues pay for our operational costs, while we roll out the newest broadcast product ‘SyncPal’ and commence the new R&D on our Augmented/Virtual Reality product.”