RAADR to Settle Debt With Lender Typenex Co-Investment, LLC

Rhea-AI Summary

RAADR, Inc. (OTC PINK: RDAR) announced a settlement with Typenex Co-Investment, LLC regarding a promissory note issued on November 23, 2015, for $280,000. The settlement, dated March 8, 2021, concludes the obligations under the note, leading to the issuance of 88 million shares of common stock to Typenex. CEO Jacob DiMartino emphasized the goal of eliminating convertible debt within the year and indicated ongoing negotiations with other lenders to further reduce debt levels.

Positive

• Elimination of $280,000 promissory note obligation.
• Issuance of 88 million shares may streamline financial structure.

Negative

• Issuing 88 million shares could dilute existing shareholder value.

PHOENIX, March 9, 2021 /PRNewswire/ -- RAADR, Inc. (OTC PINK: RDAR or the "Company"), a technology and software development company that monitors cyber-bullying and social media platforms with artificial intelligence is pleased to announce it has reached a settlement agreement with one of the previous lender's Typenex Co- Investment, LLC ("Typenex").

The Company previously sold and issued Typenex a promissory note on November 23, 2015 (the "Promissory Note") for an original principal amount of $280,000.00 pursuant to a Securities Purchase Agreement between both companies dated November 23, 2015 (the "Purchase Agreement").

The Company and Typenex entered into a Note Settlement Agreement dated March 8, 2021 (the "Settlement Agreement") to completely settle the obligations owed under the Promissory Note and the Purchase Agreement.

Pursuant to the Settlement Agreement, Typenex has given the Company a conversion notice whereby the Company is required to issue to Typenex Eighty-Eight Million (88,000,000) shares of the Company's common stock in full settlement of the Promissory Note.

"It is my goal to eliminate the old convertible debt in RAADR this year! Announcing this settlement agreement is a perfect example of that! We will continue to negotiate with the Company's lenders to eliminate debt," says CEO Jacob DiMartino.

Contact: Jacob Dimartino, jacob.d@raadr.com

View original content:http://www.prnewswire.com/news-releases/raadr-to-settle-debt-with-lender-typenex-co-investment-llc-301242818.html

SOURCE RAADR, Inc.

FAQ

What debt did RAADR settle with Typenex?

RAADR settled a $280,000 promissory note issued in 2015 with Typenex.

How many shares did RAADR issue to settle the debt?

RAADR issued 88 million shares to Typenex to settle the debt.

What is the significance of the settlement for RAADR?

The settlement aims to eliminate old convertible debt, potentially improving financial stability.

When was the settlement agreement with Typenex reached?

The settlement agreement was reached on March 8, 2021.

What is RAADR's goal regarding convertible debt?

RAADR's goal is to eliminate convertible debt within the year.