Cyber Apps (CYAP) Disputes EMA Financial LLC's Note Conversion Attempts

Rhea-AI Summary

Cyber Apps World Inc. (CYAP) is challenging EMA Financial, LLC's attempt to convert part of a $60,000 promissory note into shares at approximately $0.02 per share. After a failed prepayment attempt by Cyber Apps, EMA issued a notice for conversion leading to a dispute over the required documentation for share issuance. Cyber Apps accuses EMA of acting in bad faith and plans to initiate legal proceedings to protect shareholder interests. The outcome of this situation may significantly impact the company's stock performance.

Positive

• Cyber Apps is prepared to take legal action to protect shareholder value against EMA's actions.

Negative

• Ongoing dispute with EMA Financial may lead to potential financial losses.
• Cyber Apps has suffered damages due to EMA's refusal to accept the prepayment.
• Delay in share conversion could negatively affect stock liquidity and investor confidence.

LAS VEGAS, NV / ACCESSWIRE / May 3, 2021 / Cyber Apps World Inc. (OTC PINK:CYAP) ("Cyber Apps" or the "Company") (Cyberappsworld.com), an acquirer and developer of innovative cyber technologies with the potential for disruptive scalability and eventual spin-off success, announces that it is disputing EMA Financial, LLC's ("EMA") ability to convert part of EMA's $60,000 promissory note into shares of the Company at a price of approximately $0.02 per share.

In March 2021, Cyber Apps attempted to prepay EMA's convertible promissory note for the premium stipulated in the note, but EMA, relying on a most favored nation clause, took the position that the payout amount was significantly higher than the amount that Cyber Apps believed was due. Cyber Apps' legal counsel put EMA on notice that the Company disputed the prepayment amount due pursuant to the note.

On April 6, 2021, EMA provided Cyber Apps and its transfer agent, Pacific Stock Transfer, with a notice of conversion whereby it instructed the transfer agent to convert the entire principal amount of the note, plus interest, for 1,281,682 shares of the Company. Because the note contains a clause that allows EMA to cancel the conversion if the shares are not issued within one business day of the conversion notice, EMA canceled the conversion on April 8 following the decline in Cyber Apps' stock price. Pacific Stock Transfer's position is that it could not issue the converted shares by the one business day deadline because EMA did not provide it with the necessary documentation to effect the conversion and issue the shares.

EMA has now provided the Company and its transfer agent with another notice of conversion whereby it wishes to convert approximately $7,000 for 400,000 shares of Cyber Apps. Once again, Pacific Stock Transfer advises that it cannot process the conversion until EMA provides additional required documentation, which EMA has not done.

Cyber Apps takes the position that it was ready, willing, and able to prepay EMA's note for the amount originally stated in the note by the prepayment deadline date and that it has suffered damages due to EMA's failure to accept that prepayment. Moreover, the Company believes that EMA is acting in bad faith by providing notice of conversion of its note to Pacific Stock Transfer and then failing to provide Pacific Stock Transfer with the documentation necessary to effect the conversion so that it may withdraw the conversion if Cyber Apps' stock price subsequently falls. In response, Cyber Apps is preparing to commence legal proceedings to protect shareholder value.

About Cyber Apps World Inc.

Cyber Apps World, Inc. is a company that is dedicated to acquiring and developing a worldwide e-commerce internet platform with the purchase and sale of products and services by way of mobile/computer applications worldwide. Cyber Apps World anticipates making available to subscribers, an ever-growing list of applications and programs.

For more information go to: https://cyberappsworld.com

Forward-Looking Statements

This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. That includes the possibility that the legal action outlined in this press release cannot proceed for some reason. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Cyber Apps World, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Cyber Apps World, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.

Company Address
9436 W. Lake Mead Blvd.
Suite 5-53
Las Vegas, NV 89134
Phone: (702) 805-0632

For All Inquiries Contact:
info@cyberappsworld.com

SOURCE: Cyber Apps World Inc.

View source version on accesswire.com:
https://www.accesswire.com/643808/Cyber-Apps-CYAP-Disputes-EMA-Financial-LLCs-Note-Conversion-Attempts

FAQ

What is the dispute between Cyber Apps World (CYAP) and EMA Financial, LLC?

Cyber Apps is disputing EMA's attempts to convert part of a $60,000 promissory note into shares, claiming EMA is acting in bad faith.

When did Cyber Apps attempt to prepay EMA's convertible note?

Cyber Apps attempted to prepay the note in March 2021.

What are the financial implications of the dispute for Cyber Apps (CYAP)?

The dispute may lead to potential financial losses and affect shareholder value.

How many shares is EMA attempting to convert from Cyber Apps (CYAP)?

EMA initially attempted to convert for 1,281,682 shares, followed by a new request for 400,000 shares.

What steps is Cyber Apps (CYAP) taking in response to EMA's actions?

Cyber Apps is preparing to commence legal proceedings to protect shareholder value.