HPIL HOLDING (OTC: HPIL) SETTLES ANOTHER LAWSUIT

Rhea-AI Summary

HPIL Holding (OTC: HPIL) announced a settlement reached on May 20, 2022, with various parties including POWER UP LENDING GROUP and ASHER ENTERPRISES. This resolution entails a cash settlement for HPIL and the cancellation of any outstanding warrants from the defendants. CEO Stephen Brown expressed that this settlement is a strategic move for the betterment of HPIL and its shareholders, allowing the company to concentrate on its core business and potential further settlements.

Positive

• Amicable cash settlement reached, improving cash flow.
• Cancellation of outstanding warrants enhances shareholder value.
• Allows focus on core business and future settlements.

Negative

• None.

VANCOUVER, BC, May 24, 2022 /PRNewswire/ -- HPIL Holding (OTC: HPIL) announces that as of May 20, 2022 the Company reached an amicable settlement with POWER UP LENDING GROUP., LTD, ASHER ENTERPRISES, INC, GENEVA ROTH REMARK HOLDINGS, INC, HOPE CAPITAL, INC, KBM WORLDWIDE, INC, REDSTART HOLDINGS CORP, SIXTH STREET LENDING, LLC, VIS VIRES GROUP, INC, CURT KRAMER and  SETH KRAMER, Pursuant to the Settlement, the Complaint filed in the United States District Court Eastern District of New York, Case Number 2:22-cv-02287 will be voluntarily dismissed.

The settlement was both a cash settlement to the Company along with the cancellation of any outstanding warrants that were held by the defendants.

"We feel the settlement is in the best interest of HPIL Holding and its Shareholders and will allow the company to focus on other possible settlements and its core business of moving the Company forward," stated Stephen Brown, CEO of HPIL.

About HPIL Holding: HPIL is a worldwide diversified company developing projects with cutting edge technology that strongly believes in its slogan: WHERE THE HUMAN ELEMENT MEETS THE FUTURISTIC MIND.

Safe Harbor: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filing.

For more information:  
info@hpilholding.ca 

www.hpilholding.ca 

Contact: 
Stephen Brown 
CEO 
+1 778-819-1956

 

View original content:https://www.prnewswire.com/news-releases/hpil-holding-otc-hpil-settles-another-lawsuit-301553422.html

SOURCE HPIL Holding

FAQ

What is the significance of HPIL's recent lawsuit settlement?

The recent settlement allows HPIL to receive cash and cancel outstanding warrants, thereby improving its financial position.

Who were the parties involved in the HPIL settlement?

The settlement involved POWER UP LENDING GROUP, ASHER ENTERPRISES, and several other entities.

When was the settlement with POWER UP LENDING GROUP reached?

The settlement was reached on May 20, 2022.

What will HPIL focus on after the settlement?

HPIL will focus on its core business operations and exploring additional settlement opportunities.