Perpetual Industries Inc. Announces Appointment of Marlin Stutzman to its Board of Directors and Debt Conversions

Rhea-AI Summary

Perpetual Industries Inc. (OTC PINK:PRPI) announced the appointment of Marlin Stutzman to its Board of Directors effective September 15, 2020. Stutzman, a former U.S. Congressman and seasoned business leader, is expected to leverage his extensive network to drive new business opportunities for the company. Additionally, Perpetual finalized debt conversion agreements, issuing 29,432,100 common shares to satisfy US$1,471,605 of debt, reflecting confidence in the management team and operational goals.

Positive

• Appointment of Marlin Stutzman is expected to enhance business opportunities.
• Debt conversion reflects confidence from creditors, improving balance sheet.

Negative

• None.

AUBURN, IN / ACCESSWIRE / September 17, 2020 / Perpetual Industries Inc. (OTC PINK:PRPI) ("Perpetual" or the "Company") is pleased to announce the appointment of Mr. Marlin Stutzman of Middlebury, Indiana to its Board of Directors effective September 15, 2020.

Mr. Stutzman is a fourth-generation farmer, business owner, and former U.S. Congressman. Elected to the US House of Representatives in November, 2010, U.S. Congressman Marlin quickly emerged as a pro-business, pro-family, conservative leader for Northeast Indiana. Marlin served as a member of the Financial Services Committee, Agriculture Committee, the Budget Committee, Veterans Affairs Committee, and the Dean of Indiana's Republican delegation in the House. Congressman Stutzman was proud to serve the needs of hardworking Hoosier families who call Indiana's Third Congressional District home.

"We feel privileged to welcome Marlin Stutzman to our Board of Directors. Marlin is a well-respected, accomplished business leader with an extensive network of relationships. We are looking forward to pursuing new business opportunities introduced to Perpetual Industries through Marlin's involvement with the company."
stated Brent W. Bedford, CEO of Perpetual Industries Inc.

Mr. Stutzman is currently the Managing Partner of Osmium Holdings, LLC and is the past President of WishBone Medical, Inc. Marlin and his wife Christy are also co-owners of Stutzman Power Equipment and Stutzman Brothers Meat Company. The Stutzmans continue to maintain their family farm, Schönbrook Farm & Inn, in Howe, Indiana where they raise Wagyu Beef and Thoroughbred Horses, as well as opening their historic Victorian Style home as an Inn and venue for special events.

"I am excited to be joining this talented group of people at Perpetual Industries, who are focused on innovation, new technologies and creating jobs in Indiana. Innovation is what has made America great and Perpetual Industries is nurturing cutting edge ideas that will make our world better while being environmentally responsible at the same time." stated Marlin Stutzman.

In addition, Perpetual would like to announce that it has finalized debt conversion agreements, pursuant to which an aggregate of 29,432,100 of common shares of the Company ("Common Shares") will be issued in full and final satisfaction of US$1,471,605 of indebtedness of the Company at a deemed price of US$0.05 per share.

The Company believes that the debt holders' willingness to accept full payment in equity shares is a huge vote of confidence for the capable management team and validates the potential of the Company's operational goals and projects that are currently under development.

The shares will be issued in reliance on exemptions from the registration requirements of the ‎United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and applicable state securities ‎laws, and will be issued as "restricted securities" (as defined in Rule 144 under the U.S. Securities Act). In ‎addition, such securities will be subject to a Canadian statutory four (4) month hold period.

For additional information about Perpetual, please visit: www.perpetualindustries.com

About Perpetual Industries Inc.

Incorporated in Nevada and based in Auburn, Indiana, Perpetual Industries Inc. (OTCMARKETS:PRPI) is an incubator for the development of new and innovative energy efficient technologies. Our mission is to ‘perpetuate industry' by bringing value-added technologies to market. At the company's core is a proprietary technology known as The XYO Mechanical Balancing Technology, designed specifically to dynamically eliminate vibration in rotating equipment to create energy efficient, environmentally responsible products. We are expanding our expertise and knowledge of energy efficient technology by developing low cost, green energy powered solutions for a variety of industries including renewable energy, blockchain mining, artificial intelligence, graphic rendering, internet of things (IoT), and cloud computing while continuing our research, development, and commercialization of the XYO Technology in key applications.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995 and "forward-looking information" as such ‎term is ‎defined in applicable US and Canadian securities legislation. The words "may," "would," "could," ‎‎"should," "potential," ‎‎"will," "seek," "intend," "plan," "anticipate," "believe," "estimate," "expect" and ‎similar expressions as they relate ‎to the Company. Such statements reflect the ‎Company's current views and intentions with respect to future ‎events, and current information ‎available to the Company, and are subject to certain risks, uncertainties and ‎assumptions, including, ‎without limitation: the conditions to closing of the transaction being satisfied, including obtaining all necessary approvals for the transaction. Should any factor affect the Company in an unexpected manner, ‎or should assumptions underlying the forward-‎looking information or statements prove incorrect, the actual ‎results or events may differ materially from the results or events ‎predicted. Any such forward-‎looking information or statement is expressly qualified in its entirety by this cautionary statement. ‎Moreover, the ‎Company does not assume responsibility for the accuracy or completeness of such forward-looking ‎‎information or statement. The forward-looking information and/or statements included in this press release is made as of the date of ‎this press ‎release and the Company undertakes no obligation to publicly update or revise any ‎forward-looking information, ‎other than as required by applicable law.

For media, press inquiries, and further information, please contact:

Carl Dilley, Chief Operating Officer
Perpetual Industries Inc.
Phone: 702-707-9811
Email: info@perptualindustries.com

SOURCE: Perpetual Industries Inc.

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FAQ

What is the significance of Marlin Stutzman's appointment to Perpetual Industries?

Marlin Stutzman's appointment as a board member is significant as he brings extensive business experience and a strong network, which could lead to new opportunities for Perpetual Industries.

How much debt did Perpetual Industries convert into equity?

Perpetual Industries converted US$1,471,605 of debt into equity, issuing 29,432,100 common shares at US$0.05 per share.

When was Marlin Stutzman appointed to the Board of Directors?

Marlin Stutzman was appointed to the Board of Directors of Perpetual Industries on September 15, 2020.

What does the debt conversion agreement indicate about Perpetual Industries?

The debt conversion agreement indicates a vote of confidence from creditors in the management team of Perpetual Industries and its operational goals.