ParagonX Holdings, Inc. Shareholder Update and Future Plan
ParagonX Holdings (OTC:CAVR) provided a shareholder update on its company transformation. The company has divested Canary Travel and AV Rover, with both withdrawing from the 3(a)(10) settlement with EROP. All notes and contingent liabilities associated with their purchase agreements have been canceled. ParagonX is negotiating with major convertible note holders to restructure debt and has entered into a letter of intent with an entity that would be accretive upon closing. The company is working to bring itself back into compliance with OTC Markets while experiencing revenue growth in remaining operations.
ParagonX Holdings (OTC:CAVR) ha fornito un aggiornamento agli azionisti sulla trasformazione dell'azienda. L'azienda ha disinvestito da Canary Travel e AV Rover, con entrambe le società che si ritirano dal regolamento 3(a)(10) con EROP. Tutte le note e le passività contingenti associate ai loro contratti di acquisto sono state annullate. ParagonX sta negociando con i principali detentori di note convertibili per ristrutturare il debito ed è entrata in una lettera di intenti con un'entità che sarebbe favorevole al closing. L'azienda sta lavorando per ripristinare la propria conformità con i mercati OTC, pur registrando una crescita dei ricavi nelle operazioni rimanenti.
ParagonX Holdings (OTC:CAVR) proporcionó una actualización a los accionistas sobre la transformación de la empresa. La compañía ha desinvertido en Canary Travel y AV Rover, con ambas retirándose del acuerdo 3(a)(10) con EROP. Todas las notas y pasivos contingentes asociados con sus acuerdos de compra han sido cancelados. ParagonX está negociando con los principales tenedores de notas convertibles para reestructurar la deuda y ha firmado una carta de intención con una entidad que sería beneficiosa al cerrar. La compañía está trabajando para volver a cumplir con los mercados OTC mientras experimenta un crecimiento en los ingresos de las operaciones restantes.
ParagonX Holdings (OTC:CAVR)는 회사 변혁에 대한 주주 업데이트를 제공했습니다. 회사는 캐너리 여행과 AV 로버를 매각했습니다. 두 회사 모두 EROP와의 3(a)(10) 합의에서 철수했습니다. 그들의 구매 계약과 관련된 모든 노트 및 우발 채무는 취소되었습니다. ParagonX는 주요 전환사채 보유자와 협상 중입니다 부채 구조 조정 및 종료 시 유리하게 작용할 엔티티와의 의향서에 들어갔습니다. 이 회사는 OTC 시장의 규정을 준수하고 남아 있는 운영에서 수익 성장을 달성하기 위해 노력하고 있습니다.
ParagonX Holdings (OTC:CAVR) a fourni une mise à jour aux actionnaires sur la transformation de l'entreprise. La société a dévolu Canary Travel et AV Rover, les deux se retirant du règlement 3(a)(10) avec EROP. Tous les bons et les passifs éventuels associés à leurs contrats d'achat ont été annulés. ParagonX est en train de négocier avec les principaux détenteurs de notes convertibles pour restructurer la dette et a conclu une lettre d'intention avec une entité qui sera avantageuse lors de la clôture. L'entreprise travaille à restaurer sa conformité avec les marchés OTC tout en connaissant une croissance des revenus dans ses opérations restantes.
ParagonX Holdings (OTC:CAVR) hat ein Update für die Aktionäre über die Transformation des Unternehmens bereitgestellt. Das Unternehmen hat Canary Travel und AV Rover veräußert, wobei beide aus dem 3(a)(10)-Vergleich mit EROP zurückgetreten sind. Alle Notizen und bedingten Verbindlichkeiten, die mit ihren Kaufverträgen verbunden sind, wurden storniert. ParagonX führt Verhandlungen mit den Hauptinhabern von wandelbaren Anleihen, um die Schulden umzustrukturieren und hat eine Absichtserklärung mit einer Einheit unterzeichnet, die beim Abschluss vorteilhaft sein würde. Das Unternehmen arbeitet daran, die Compliance mit den OTC-Märkten wiederherzustellen, während es in den verbleibenden Betrieben ein Umsatzwachstum erzielt.
- Reduction in debt obligations through divestment of Canary Travel and AV Rover
- Revenue growth reported in remaining operations
- Progress in debt restructuring negotiations with major note holders
- Signed letter of intent for potentially accretive acquisition
- Current non-compliance status with OTC Markets
- Existing debt defaults with convertible note holders
- Ongoing debt restructuring needs
- Caprino Management, LLC continues to manage the company's transformation and is evaluating acquisition opportunities.
- The company announced it had entered into agreements to divest Canary Travel and AV Rover. Both have withdrawn their participation in the 3(a)(10) settlement with EROP, and the company canceled all notes and other contingent liabilities associated with their respective purchase agreements.
- The company is negotiating with remaining creditors, including two of the largest convertible note holders, to restructure its debt in a shareholder-favorable manner and bring these debts out of default.
- The company continued to reduce its debt obligations.
- The company has entered into a letter of intent with an entity that would be accretive to the company upon closing.
"We're filing the appropriate disclosures and documents to bring the company back into compliance with OTC Markets; we've put the company in a much better position by dramatically reducing the 3(1)(10) obligation to EROP, we're negotiating with all note holders, and we are seeing revenue growth in our remaining operations." Joe Caprino, President of Caprino Management and Acting CEO of ParagonX Holdings, Inc.
"With all of the work Joe Caprino has done, we are heading to our goal of being able to be in a position to support our operations, make acquisitions, and improve enterprise value," said Kevin V. Cox – Chairman of the Board.
PARAGONX HOLDINGS:
ParagonX is a holding company with a portfolio of companies in construction and logistics as outlined in its respective OTC filings. The Company is a
FORWARD-LOOKING STATEMENTS:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties, and other essential factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company
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SOURCE ParagonX Holdings, Inc.
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