PetroSun Inc (PSUD)

[JohnnyBlaze]

During October 2014 the Company was able to successfully negotiate the satisfaction of its outstanding obligation with the Independence Bowl Foundation, Inc. and on November 7, 2014, the First Judicial District Court, Caddo Parish, Louisiana issued a Satisfaction of Judgment
wherein the claimant (The Independence Bowl Foundation, Inc.) agreed to release, acquit and discharge the Company from its obligation to the claimant.

In two separate actions on October 27, 2014, case numbers CV2009-019152 and CV2011-012723, the Maricopa County Superior Court also recorded full satisfaction of the original andamended judgment and the complete release of judgment lien originally in favor of The Independence Bowl Foundation, Inc. Accordingly, during the fourth quarter of 2014 the
Company has written-off the currently reported $1,235,000 accounts payable.