SeaLife Corporation Settles Liabilities for Restricted Stock at MarketAug 18, 2006
Pink OTC Markets News Service
SEALIFE CORPORATION SETTLES LIABILITIES FOR RESTRICTED STOCK AT MARKET
Culver City, CA, August 18, 2006, - SeaLife Corporation (SLIF), SeaLife announced today, as part of its ongoing restructuring, that it settled a total of $919,958 in liabilities, by the private issuance of a total of 7,455,153 restricted shares of its common stock, in full settlement of said obligations. Most of the shares were issued at the closing price of the stock on this date, $0.10 per share, without any discount to market because of their "restricted" private placement status.
As a part of this settlement, a total of 4,249,990 restricted shares were issued to Directors of the Corporation in settlement of $424,999 in outstanding consulting fees, and 875,160 restricted shares were issued in satisfaction of $87,526 in loans made by Directors to the Corporation. 2,169,953 restricted shares were issued to the Company's Chief Scientist, in settlement of $216,995 in consulting fees and royalties owed. In addition, a total of 643,304 shares were issued to outside consultants for services to the Company, and 100,000 shares were issued to Joel Heffron, a new Director brought on board to serve as an Independent outside Director. The Board stated that they were also seeking additional experienced individuals to bring on to the Board of Directors as Independent directors.
2,052,270 shares were issued to the Company's Vice President of Marketing, in settlement of $174,413 in debt and consulting fees owed. The shares were valued at the closing price of the Company's common Stock, $0.085 per share on the date of the Company's Agreement, with its Vice President August 7, 2006.
Management said they were pleased that the holders of these debts and obligations were willing to accept restricted private placement shares at full closing market value, despite the resale restrictions applicable to private placement stock, and noted that these transactions substantially decrease the liabilities on the Company's Balance Sheet.
SeaLife also announced the settlement of litigation brought against certain previous consultants by the Company, with the result that a total of 630,000 shares of the Corporation's outstanding common stock were returned to treasury and cancelled. Management stated that the settlement was an important part of the overall Management strategy to reduce costs, and focus on the marketing of SeaLife products.
SeaLife Corporation is a development stage public company currently traded on the Over the Counter Pink Sheets under the symbol (SLIF). Its Sealife paints Division has developed, and has now initiated manufacturing and distribution of a proprietary line of environmentally friendly antifoul marine coatings and paints. Its Proterra Division, has developed, and is now testing a proprietary line of environmentally friendly soil enhancers, for large scale agricultural and row crop applications.
For further information about this release or a copy of the report please contact, SeaLife Corp. 310 338 9757.
Please visit our website www.sealifemarine.com
This document may contain certain forward-looking statements with respect to product marketing and report filings. Statements in this document that are not historical facts are hereby identified as "forward-looking statements". The words "estimate," "project," "intend," "expect," "believe," "plan," and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. These forward-looking statements are necessarily estimates, reflecting the best judgment of senior management that rely on a number of assumptions concerning future events, many of which are outside of our control, and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in this document. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.