Caduceus Software Systems Corp (CSOC)

[copytele]

BuySell
Closing Price
$0.0762
Day's Change
-0.0023 (-2.93%)


Caduceus Completes 1.61 Billion Share Cancellation & 1.7 Million Debt Restructuring
11:15 am ET June 30, 2021 (Accesswire) Print
CHEYENNE, WY / ACCESSWIRE / June 30, 2021 / CADUCEUS SOFTWARE SYSTEMS, CORP. (OTC Pink:CSOC) ('Caduceus' or the 'Company'), a publicly traded Wyoming-based holding company currently entering the recession proof Pet Food and Pet Care industry with the pending acquisition of McLovin's Pet Food, Inc. is pleased to announce it has reached an agreement to amend a Promissory Note of USD 1,707,561.

Image: https://www.accesswire.com/users/newswire/images/653733/image.png

With this last settlement, Caduceus has completed the settlement of all liabilities from previous management. The initial terms of the settled debt allowed for a conversion into common shares at a price of 0.001. This Promissory Note could have potentially added 1.7 billion shares to the number of outstanding shares. The terms of the settlement were therefore to amend the conversion rate.

The Company is happy to report that as part of its reorganization efforts, the Company reached an agreement with the Debt-holder of the USD 1,707,561 Promissory Note by amending the conversion rate from USD 0.001 to USD 0.10 per common stock share subject to a blocker clause of no more than 10% of the outstanding shares. Only 17 million can now be issued from this Promissory Note. This represents a major reduction from the 1.7 billion shares and an unprecedented step to protect and create value for the Company and its shareholders. The Company wishes to extend its gratitude to the debt-holder for his confidence in our Company and our team.

'Protecting shareholder value and Balance Sheet has been a key component of our strategy. The dilutive nature of the Promissory Note was something we took into consideration early on and worked towards amending. We are happy to have finalized this agreement. The value for shareholders is clear and substantial", said Alex Chen, Chief Executive Officer of Caduceus Software Systems, Corp.

The Company has also completed the buyback and cancellation of 1,608,000,000 from the Outstanding Common Stock Shares so far this quarter. The Company received notification from its Transfer Agent about the cancellation being complete on June 29th. The Company is still finalizing further cancellations to reach its goal of up to 2B shares cancelled from the Outstanding Shares of Common Stock.

About Caduceus Software Systems, Corp.