The 2 year hold on the reserve announced in the 2018 long term funding press release below is now up. Things could begin to get more interesting. GLTA, Go UBQU!
Ubiquitech Announces Long Term Funding Relationship for Increased Inventory, Better Pricing, and Corporate Flexibility
Press Release | 01/14/2019
DENVER, CO, Jan. 14, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Ubiquitech Software Corp. (OTC: UBQU), through its operating subsidiary HempLifeToday.com, today announced a new funding relationship with a New York firm to help ensure that 2019 growth initiatives are met, coupled with better inventory pricing. This debt is not convertible into free trading stock of the company for two years.
As a condition to the funding arrangement the company increased its authorized shares to meet the reserve requirement of the loan covenants. Although a significant amount of shares will be on reserve, they will not be issued unless the lender elects to convert. If there is a conversion the shares would not be salable in the open market until the required two year holding period is met. The increase in authorized will also give the company flexibility in addressing other corporate finance initiatives.
CEO James Ballas said, “We are excited about this long-term funding relationship. This will help ensure that the company can aggressively pursue its growth initiatives both organically and through potential acquisitions. The national CBD landscape is rapidly changing, and the company anticipates consolidation within the industry. This new relationship affords the company the flexibility to act quickly when opportunities arise. The Company has a plan, and this plan includes strong growth and reduced debt as we move through 2019 and beyond.”
The Company will continue to keep shareholders aware of this important funding decision, and will continue to keep shareholders apprised of all Company progress. Including the filing with FINRA for new name and symbol change.
