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GNZR .06 x .07 Form 15 filer. Litigation

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e-ore Member Level  Thursday, 04/14/16 09:46:15 AM
Re: e-ore post# 2787
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GNZR .06 x .07 Form 15 filer. Litigation favorably settled. Interesting in that the CEO has been paying himself with shares he now won't be able to sell on the open market. Updates to find.com. I still say that this company will be bought by a bigger internet outfit to get the find.com URL. Might be easier to do as a non-reporting company.

"Generation Zero Group, Inc. (the “Company”, “we” and “us”), intends to file a Form 15 with respect to the deregistration of the Company’s common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the suspension of the Company’s reporting obligations under Sections 13 and 15(d) of the Exchange Act, on or before the extended filing deadline for its Annual Report on Form 10-K for the year ended December 31, 2015, of April 14, 2016, due to lack of funds available to pay for costs associated with the Company’s annual audit and reporting requirements. This funding shortage results from the capital required to finance the lawsuit described below and the accompanying impact on fundraising efforts. Filing of Form 15 will relieve the Company of reporting obligations until such time as it can raise funds necessary to resume the costs associated with running a public company and executing its business plan, at which time it anticipates filing another registration statement with the SEC.

Status on ongoing legal matters. The Company has reached an enforceable settlement agreement on the lawsuits which have been reported in its filings since 2013. This settlement agreement has material impacts on the Company’s balance sheet and financial position, as it removes financial obligations associated with the Geronimo Note (as defined in its prior filings) and gives the Company claim to certain related collateralized assets, the value and collectability of which are still to be determined. It also returns to the Company the 250,000 shares of common stock that company records show were issued concurrent with the Geronimo Note.

Update on Find.com. The Company has completed development of Find.com’s MultiSearch as outlined in its Business Plan and is in the process of upgrading to scalable servers. The Company expects to publicly launch MultiSearch on the main Find.com website within the next few weeks. The Company is also in the early stages of raising funding to complete development of, and implement its marketing plan for, additional phases of its Business Plan."

My emphasis


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