HPIL HOLDING (OTC: HPIL) UPDATES SHAREHOLDERS
HPIL Holding (OTC: HPIL) has announced a settlement with GPL Ventures LLC and others, resolving a complaint in the U.S. District Court for the Southern District of New York, which has now been dismissed. CEO Stephen Brown believes this settlement is favorable for the company and its shareholders, allowing HPIL to concentrate on core business activities and potential future settlements. Additionally, Brown addressed the company's collaboration with SRCO Professional Corporation for drafting financial statements, emphasizing the management's ultimate responsibility for financial reporting.
- Settlement dismissal enhances focus on core business activities.
- Potential for additional settlements may improve operational outlook.
- None.
VANCOUVER, B.C., May 5, 2022 /PRNewswire/ -- HPIL Holding (OTC: HPIL) announces that as of May 2nd, 2022 the Company reached an amicable settlement with GPL Ventures LLC, GPL Management LLC, Alexander Dillon and Cosmin Panait ("GPL, et al"). Pursuant to the settlement, the complaint filed in the United States District Court Southern District of New York, Case Number 22-cv-02959 has now been dismissed.
"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.
Mr. Brown further stated, "I would also like to take this opportunity to address the Company's relationship with SRCO Accounting."
The Company engaged SRCO Professional Corporation ("SRCO") to assist management in preparing/drafting financial statements, based on the information provided by management of the Company, including advising on certain complex US GAAP accounting matters and related disclosures. The ultimate responsibility for the preparation of the financial statements is of the Company's management (CFO/CEO) who has signed the relevant certifications in this respect. Accordingly, the Company named its CEO/CFO as the preparer of the financial statements in its fiscal 2021 OTC filing.
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
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SOURCE HPIL Holding
FAQ
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