Bitech Technologies Corp (BTTC)

[trade4]

Partial settlement of pending litigation, cancellation of 51,507,749 common shares, reduced dilution to shareholders, 8-k filing...

In the pending federal court litigation, BTTC announces (see 8-k just filed) settlement with Calvin Cao and SuperGreen, two (2) of the defendants in the recent filing in federal court, resulting in cancellation of said defendants' 51,507,749 shares of the company's stock being returned to BTTC's treasury, and effectively removing significant dilution of the current shareholders. Litigation continues against the remaining defendants, Michael Cao, B&B Investment Holding, LLC, and Linh Dao. Awaiting further developments as respects the remaining defendants (pending claims against them include embezzlement of company funds, IP conflict of interest, breach of fiduciary duties, and conspiracy with the other defendants who just settled).

Effective February 20, 2023, Bitech Technologies Corporation together with its wholly owned subsidiary Bitech Mining Corporation (collectively, the “Company”) entered into a Confidential Settlement, Mutual Release, and Share Transfer Agreement (the “C. Cao Settlement Agreement”) with Calvin Cao (“C. Cao”) and SuperGreen Energy Corporation (“SuperGreen,” together with C. Cao, the “C. Cao Parties”). The C. Cao Settlement Agreement settles as to the C. Cao Parties, the Company’s lawsuit as disclosed in its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 3, 2023 (the “Cao Lawsuit”). Pursuant to the C. Cao Settlement Agreement, the C. Cao Parties terminated the Patent & Technology Exclusive and Non-Exclusive License Agreement between Bitech Mining Corporation and SuperGreen dated January 15, 2021 as amended on January 15, 2021 and on March 26, 2022 (the “License Agreement”) and SuperGreen canceled 51,507,749 shares of the Company’s common stock, par value $0.001 per share issued by the Company to SuperGreen pursuant to the License Agreement. In addition, the parties to the Settlement Agreement agreed to a mutual general release of liabilities against each other, refrain from making any disparaging remarks about each other and the Company’s filing a dismissal with prejudice of the Cao Lawsuit as to the C. Cao Parties. The Settlement Agreement also contains additional covenants, representations and warranties that are customary of litigation settlement agreements. The Company intends to continue to pursue the Cao Lawsuit as to the remaining defendants in that case, namely Michael Cao, B&B Investment Holding, LLC and Linh Dao.

Link: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001066764/000149315223006013/form8-k.htm