Cyber Apps (CYAP) Files Lawsuit Against Black Ice Advisors LLC for Significant Damages in Connection with Convertible Promissory Note

Rhea-AI Summary

Cyber Apps World Inc. (CYAP) has initiated legal action against Black Ice Advisors LLC in Nevada District Court for breach of contract regarding a share purchase agreement. The dispute arises from a convertible promissory note under which Black Ice converted $38,330 into 3,833,000 shares and another $56,310 into 5,631,000 shares. However, Cyber Apps only owed $22,045 at the time of the second conversion, resulting in excessive share issuance. The company seeks damages for dilution of its share capital and the adverse market impact from Black Ice's actions.

Positive

• Initiated legal action to recover damages due to share dilution.
• Seeks disgorgement of profits from Black Ice's unauthorized share sales.

Negative

• Suffered share capital dilution due to excess share issuance.
• Potential loss of business and financing due to adverse market impact.

LAS VEGAS, NV / ACCESSWIRE / July 28, 2021 / Cyber Apps World Inc. (OTCMKTS: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 has commenced legal action against Black Ice Advisors LLC ("Black Ice") in Nevada District Court for breach of contract claims relating to a share purchase agreement and corresponding convertible promissory note.

Pursuant to the convertible promissory note, on May 3, 2021, Black Ice converted $38,330 in debt into 3,833,000 shares of common stock in the capital of Cyber Apps. On June 3, 2021, Black Ice provided Cyber App's transfer agent with another notice of conversion whereby it converted another $56,310 into 5,631,000 Cyber Apps shares, which Black Ice received and then immediately sold into the market. However, at the time of the second conversion, Cyber Apps only owed $22,045 to Black Ice. Accordingly, Black Ice received and sold 3,426,500 to which it was not entitled.

As a result of Black Ice's excess conversion, Cyber Apps suffered damages due to the dilution to its share capital and Black Ice realized a monetary benefit from the receipt and sale of the shares to which it was not entitled. Cyber Apps is seeking damages that include the disgorgement of the profits that Black Ice wrongfully received, as well as compensation for the adverse impact on Cyber App's market price and the loss of business that it suffered as a result of the inability to raise further financing.

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/657447/Cyber-Apps-CYAP-Files-Lawsuit-Against-Black-Ice-Advisors-LLC-for-Significant-Damages-in-Connection-with-Convertible-Promissory-Note

FAQ

What legal action has Cyber Apps World (CYAP) taken?

Cyber Apps World has filed a lawsuit against Black Ice Advisors LLC for breach of contract related to a share purchase agreement.

Why is Cyber Apps World suing Black Ice Advisors?

The lawsuit is due to unauthorized share conversions that led to dilution of Cyber Apps' share capital.

How much loss did Cyber Apps World suffer from Black Ice Advisors' actions?

Cyber Apps World is seeking compensation for damages, including losses due to dilution and adverse market impacts.

What specific damages is Cyber Apps World claiming from Black Ice Advisors?

They are claiming damages for wrongful profits received by Black Ice and losses incurred due to share dilution.