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Replies to post #18028 on CirTran Corporation (CIRX)
03/30/13 1:12 PM
SALT LAKE CITY, Jan. 28 2011 -- CirTran Corporation (OTCBB: CIRC), an international contract manufacturer of consumer, consumer electronic, and IT products and energy beverages, announced today that it has entered into an amended Forbearance Agreement with YA Global Investments, L.P. of Jersey City, N.J., which includes a new loan repayment schedule. The amended agreement will be included as an exhibit to the company’s Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
Iehab J. Hawatmeh, CirTran’s chairman and president, said his company “made significant progress in 2010 and early in 2011, primarily in continued increases in cash flow and worldwide sales of the Playboy-branded energy drinks manufactured and distributed by CirTran.
“This growth,” he said, “has enabled CirTran to be more pro-active in management of our debt. We have agreed to a debt payment schedule with Y.A. Global with which we are confident we can comply.” CirTran made the first scheduled payment of $225,000 to YA Global last week on the effective date of the new agreement, he said, noting that the repayment schedule includes monthly payment commitments by CirTran through December 31, 2011.
The amended Forbearance Agreement relates to three debentures issued by CirTran to YA Global, formerly Cornell Capital Partners, LP: on May 26, 2005 for $3,750,000; on December 30, 2005 for $1,500,000 and on August 23, 2006 for $1,500,000. A previous Forbearance Agreement involving the three debentures was announced in August 2009.
“CirTran is grateful for the continued support and confidence of Y.A. Global, as demonstrated by this agreement,” he said. “With more financial stability, the company is better positioned to move forward and continue to build our Playboy-branded beverage business and other operations worldwide.”
SALT LAKE CITY, March 28, 2012 -- CirTran Corporation (OTCBB: CIRC), an international contract manufacturer of consumer products including energy beverages, said today it has entered into two new Forbearance Agreements, which are included as exhibits to its Current Report on Form 8-K filed with the Securities and Exchange Commission.
CirTran said that an amended Forbearance Agreement with YA Global Investments, L.P. of Jersey City, N.J., includes a loan repayment schedule that started this month and extends through March 2014. The agreement relates to debentures issued by CirTran to YA Global, formerly Cornell Capital Partners, LP, with an aggregate current outstanding balance of approximately $4.0 million.
CirTran also announced a new Forbearance Agreement with Advanced Beauty Solutions, LLC (ABS) of Los Angeles, continuing a business relationship that began in 2005 and which includes the purchase of certain ABS assets in mid-2006 including True Ceramic Pro flat iron and hair dryer kits marketed and sold via TV infomercials. The restructured agreement calls for payment from CirTran to ABS through 2016.
“These agreements bode well for CirTran, now and in the coming years,” said Iehab J. Hawatmeh, the company’s chairman and president. “We particularly value the backing we have had for years from YA Global and its management team, and appreciate the confidence in our evolving business plan and growth.”
SALT LAKE CITY, March 28, 2013 -- CirTran Corporation (OTCBB: CIRC), an international contract manufacturer of energy beverages and other consumer products, announced it has entered into a new agreement that converts debt to equity, which included as an exhibit to its Current Report on Form 8-K filed yesterday with the Securities and Exchange Commission.
Iehab J. Hawatmeh, president of CirTran, said the agreement “continues to stabilize the company and better position it to move forward.
“Since December,” he said, “CirTran has benefitted from three favorable court rulings involving Playboy Energy Drink, manufactured and distributed exclusively by CirTran Beverage Corporation under a product license from Playboy Enterprises to Play Beverages. Now, with this agreement, we have even more positive news exemplified by a display of confidence in the company from a leading venture capital firm.”
Mr. Hawatmeh said the agreement with YA Global Investments, L.P. of Jersey City, N.J., includes a loan repayment schedule of $100,000 per month, commencing immediately and extending through March, 2015. CirTran owes YA Global an aggregate of approximately $4.0 million of principal and accrued interest on outstanding convertible debentures issued to YA Global's predecessor-in-interest in 2005 and 2006, and subsequently amended, restated and consolidated.
Between December 27, 2012, and March 15, 2013, YA Global converted an aggregate of $254,036 in amounts due under such convertible debentures to 297,459,076 shares of common stock, with the conversion price set forth in the debentures. Between December 20, 2012, and March 22, 2013, CirTran issued an aggregate of 504,000,000 shares for conversion of debt and services, aggregating $227,500. These issuances included Mr. Hawatmeh ($45,000 converted to 150,000,000 restricted shares) and directors Fadi Nora and Kathryn Hollinger ($45,000 and $7,500 converted to 150,000,000 and 25,000,000 restricted shares, respectively). And between December 20, 2012, and February 28, 2013, CirTran also issued (under a registration statement on Form S-8) an aggregate of 159,000,000 shares to unaffiliated employees and contractors in consideration for services rendered.
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