BOULDER CITY, Nev., Oct. 17, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Guard Dog, Inc. (PINKSHEETS:GRDO), announced today, that it has eliminated its debt through an agreement to convert one creditor's debt to Preferred Class "D" shares, and the mutual rescission of an obligation to another creditor. The ownership of the Preferred Class D shares has been transferred to a third party. The latest financials will now reflect a clean balance sheet.
In a separate agreement the owner of the newly created Preferred Class D shares has agreed to use them to exercise voting rights only, and not convert them to common shares for a period of at least 10 years. This makes the debt conversion completely non-dilutive for at least that period. The agreement will carry forward should ownership of the preferred shares be transferred in the future. Guard Dog President and CEO, George Sharp, commented on the company's path forward, "Guard Dog is committed to acting in the best interests of the shareholders and I believe that these non-dilutive agreements to eliminate the debt illustrates that commitment. We now expect to have the completed and clean financials presented to OTC Markets by the end of next week for their inspection towards our goal of bringing the company current again."
Im happy I've been accumulating on the cheap sub .002