Thank you but don’t understand what’s the relationship between cancellation of penalties and confirmation of LOI. Can you clarify? All I see settlement of old issues, nothing to do with new LOI unless i am missing something.
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SEC Cancels Regulatory Penalty and Interest Concerning Legacy Civil Enforcement Action
Press Release | 06/22/2022
SAN DIEGO, CA / ACCESSWIRE / June 22, 2022 / Plandai Biotechnology Inc. (OTC PINK:PLPL) (the "Company") today announced that the U.S. Securities and Exchange Commission canceled civil penalties and interest totaling approximately $200,000 related to the Commission's 2018 action against the Company and its former Chairman of the Board and CEO, Mr. Roger Duffield.
Tad Mailander, the Company's CEO and director commented, "I am pleased to report that the Commission has canceled the unpaid fine and interest imposed on the Company as a result of this action. For the past two years, the Company has worked diligently to resolve its legacy financial burdens in order to move forward for the benefit of its shareholders. The Commission's decision to cancel the fine and interest completes the settlement of all known significant legacy debt against the Company, including the previously announced settlement and release of $6.9 million in outstanding notes payable to Berkshire Capital Management Co. and various third-party legacy lenders."
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