Remaining Section 3(a)(10) Debt Transaction Canceled and Fully Diluted Shares Outstanding Decreased by 31%
NEWTOWN, CT--(Marketwired - Jul 14, 2017) - Halitron, Inc. (the "Company," "Halitron") (OTC PINK: HAON), a holding company implementing a roll-up of sales, marketing, and manufacturing businesses, today announced that the two final payments totaling $63,471 that were forecasted to be paid through the issuance of an estimated 1.3 Billion free trading shares based on the Section 3(a)(10) Fairness Hearing process as outlined in the Form 8-K filing with the Securities and Exchange Commission on May 15, 2017 will not be completed and the share reserve agreement has been canceled.
Management decided it was in the best interests of Halitron, Inc. shareholders to negotiate the closure of the Section 3(a)(10) agreement with Northbridge Financial. 1.3 billion shares, if issued, would have totaled 31% of total shares outstanding upon conversion (2,859,303,373 Outstanding Shares + 1,269,420,000 Estimated 3a10 Shares = 4,128,723,373). With the current share price and market capitalization at a low-level, closing at $0.0004 per share on July 13, 2017, it was a strategic decision to work through the mechanics of negotiating the release of the $63,471 in debt from Northbridge, which places the debt with the vendor back on the financial statements of the Company. One of the main objectives of going through the Section 3(a)(10) was to get professional fees paid in full so we can complete the objective of finishing the audit. Those payments were made in full. Significant payments were made against the other vendors which has only $63,471 remaining and Management feels that through upcoming transactions we will be able to honor those commitments and advance the Company's growth model.
The last Corporate Stock Issuance whereby debt was converted into free trading shares was June 26, 2017.
Outstanding shares and float as of July 14, 2017:
Outstanding Shares - 2,859,303,373
Float - 2,641,030,061
