Wikisoft Corp. (OTCQB:WSFT) - Conversion of Debt Notification

Rhea-AI Summary

Wikisoft Corp. (WSFT) announced the conversion of $300,041 of debt into a 51% interest in Etheralabs LLC. This strategic move involves a Debt Conversion Agreement with former officer Rasmus Refer, who canceled the outstanding loans in exchange for the equity stake. The company anticipates announcing new growth opportunities that will enhance shareholder value. The release includes forward-looking statements that highlight risks and uncertainties regarding future business performance.

Positive

• Conversion of $300,041 debt into 51% interest in Etheralabs LLC enhances company equity.
• Strategic move expected to lead to increased growth opportunities and shareholder value.

Negative

• None.

Wikisoft Corp. (WSFT) today announced the conversion of $300,041 of debt in return for 51% interest in Etheralabs LLC.

SAN FRANCISCO, CA / ACCESSWIRE / June 1, 2022 / On May 25, 2022, Wikisoftentered into an Debt Conversion Agreement with the prior Officer and Director of Wikisoft, Rasmus Refer. According to the Agreement, Wikisoft transferred 51% interest in Etheralabs LLC to Mr. Refer and in exchange, Mr. Refer agreed to cancel$300,041 in outstanding loans (including interest) owed by Wikisoft.

Following this important strategic move, Wikisoft expect to imminently announce new opportunities that will lead to increased growth for the company and added Shareholder value.

FORWARD-LOOKING STATEMENTS

This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

CONTACT:

WikiSoft Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: investor@wikisoft.com
Investor site: www.wikisoft.com

SOURCE: WikiSoft Corp.

View source version on accesswire.com:
https://www.accesswire.com/703548/Wikisoft-Corp-OTCQBWSFT--Conversion-of-Debt-Notification

FAQ

What did Wikisoft Corp. (WSFT) announce on June 1, 2022?

Wikisoft Corp. announced the conversion of $300,041 of debt into a 51% interest in Etheralabs LLC.

Who benefited from the debt cancellation in Wikisoft's recent announcement?

Former officer Rasmus Refer benefited from the debt cancellation as part of the agreement for equity in Etheralabs LLC.

How much debt did Wikisoft Corp. convert into equity?

Wikisoft Corp. converted $300,041 of debt into equity.

What is expected from Wikisoft Corp. following the debt conversion?

Wikisoft Corp. expects to announce new growth opportunities leading to added shareholder value.

What risks are associated with the forward-looking statements in the press release?

The forward-looking statements involve known and unknown risks that may cause actual results to differ from expectations.