TEMECULA, Calif., March 11, 2014 /PRNewswire/ -- Hop-on, Inc.
(OTCMarkets/Pinksheets: HPNN) has recently been successful in
negotiating with several of its current debt holders and one debt
holder agreed to convert part of their debt to preferred stock of
the Company.
The Company has received one (1) executed Debt Exchange
Agreement from one debt holder and the debt holder indicated that
they are willing to further eliminate their debt and convert it to
preferred stock.
This Debt Exchange Agreement eliminates over $1,000,000 in debt of the balance sheet of the
Company. This will be reflected in the next financial statements
filed with OTC Markets by the Company.
Peter Michaels, Hop-on CEO,
stated, "The debt could have been converted into shares that would
dilute the shareholder's current positions. However, the agreement
stipulated the preferred shares must be held for at least one year.
This is positive for current and future shareholders, as the value
of their investment should not be diluted, adding value to their
commitment to Hop-on and my commitment of not diluting the
company."
The Company is in the process of filing a new amendment with the
Secretary of the State of Nevada
reflecting a new class of preferred stock. This preferred stock
does not vote, and only converts to cash or common shares of the
Company after a one-year holding period.
About Hop-on, Inc.
Hop-on, Inc. (HPNN.PK) is a global ODM and OEM manufacturer of
electronics, based in the United
States. Over the past 20 years, Hop-on has successfully
secured essential patents for mobile communications and computing
technologies, and is respected for developing the world's first
disposable cell phone. Hop-on's focus on smartphones and innovative
mobile device applications is bringing cost-friendly solutions to
today's demanding world market. Hop-on is also diversified in
delivering cannabis remedies. For more information, please visit
www.hop-on.com, www.re-medical.com and www.usacig.com
Forward-Looking Statements
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933, and are subject to Rule 3B-6 under the
Securities Exchange Act of 1934, and are subject to the safe harbor
created by those rules. All statements, other than statements of
fact, included in this release, including, without limitation,
statements regarding potential future plans and objectives of the
company, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and other results and further events could
differ materially from those anticipated in such statements. Future
events and actual results could differ materially from those set
forth in, contemplated by, or underlying the forward-looking
statements.
Additional Information
For additional information, please contact Peter Michaels: (949) 756-9008
Email
Read more news from Hop-on Inc.
SOURCE Hop-on, Inc.