$GTRL news out...GTRL Rescinds Transaction With GPL Ventures
Jan 24, 2017
OTC Disclosure & News Service
Vista, CA -
January 24, 2017
VISTA, California: GET REAL USA, INC. [GTRL]
Get Real USA, Inc. [GTRL] wishes to announce that a transaction that was announced on or about December 23, 2016 with GPL Ventures has been rescinded by GTRL effective January 6, 2017. This rescission included the Securities Purchase Agreement as well as the Convertible Promissory Note and any and all other terms and conditions of the transaction.
Mr. Also Taylor, CEO stated â?? I felt this action was in the best interests of the Company and I am confident we will obtain funding sources on terms and conditions more favorable to assist in moving the Company forward.â?
The Company is exploring opportunities and expects to provide an update of its activities shortly.
Here's the aggreement:
Additionally, on December 23, 2016, the Company issued to GPL a Convertible Promissory Note (the â??Noteâ?) in the principal amount of $125,000 as payment of a commitment fee to induce GPL to enter into the Agreements. The Note accrues interest at the rate of five percent (5%) per annum and is due in full on or before December 23, 2017. The Note also prohibits prepayment of the principal. GPL has the right to convert all or any portion of the note balance at any time at a conversion price per share of seventy percent (70%) of the lowest Trading Price during the Valuation Period (as defined and calculated pursuant to the Note), which is adjustable in accordance with the Note terms in the event certain capital reorganization, merger, or liquidity events of the Company as further described in the Note.
New CEO of this un-announced Reverse Merger R/M actually cares about the company and shareholders!
