VAYK Announces Net Equity Increase Over $2.5 Million
06 Febrero 2024 - 8:00AM
InvestorsHub NewsWire
Dallas, TX --
February 6, 2024 -- InvestorsHub NewsWire -- Vaycaychella, Inc.
(OTC
Pink: VAYK) ("VAYK") today announces that the company has
increased its net equity by more than $2.5 million, which results
from the company successfully reaching debt reduction agreements
with previous debtors and investors over the past few fiscal
quarters. The overwhelming majority of the debt was eliminated
without any reciprocal consideration.
"The majority of
the eliminated debts date back to agreements more than 10 years old
when the company was under a totally different name and managed by
a totally different team, and engaged in a totally different
business," says Bill Justice, CEO of the company. "Furthermore, the
subject debts were no longer even held by the parties that entered
into the original debt agreements."
"In such a context,
and with the introduction of new strategic investors, we were able
to successfully convince some holders of the legacy debts that it
was time for them to move on. We are grateful and very appreciative
that most of them agreed to forgive these legacy debts."
One major debtor,
according to the company's filings on OTC Markets, forgave all
debts owed to him without consideration. This covers all
outstanding balances including default penalties resulting in a
total reduction of over $2.1 million.
Another debtor,
according to the filings, forgave approximately $130, 000 of
outstanding debt without consideration.
A third debtor
reached an agreement with the company to cancel and waive all the
outstanding interest and fees on a total amount of approximately
$143,000, without consideration. The same debtor also agreed to
convert all the principal of his debt into common shares at a price
about ten times higher than the average trading price at the time
of conversion. As of today, the executed conversion price is
still more than 100% above the trading price of the company's
shares.
"Overall, our
restructuring campaign led to a debt reduction of approximately
$2.55 million, of which about $2.37 million was complete
forgiveness or cancellation," said Mr. Justice. "This has resulted
in an net equity increase of almost the same amount. Allocated to
our approximately 862 million outstanding shares, it equals to a
net equity increase close to $0.003 per share."
The company plans
to communicate more details regarding its recently updated
comprehensive business plan in the following weeks via additional
news releases.
Disclaimer/Safe
Harbor: This news release contains forward-looking statements
within the meaning of the Securities Litigation Reform Act. The
statements reflect the Company's current views with respect to
future events that involve risks and uncertainties. Among others,
these risks include the expectation that any of the companies
mentioned herein will achieve significant sales, the failure to
meet schedule or performance requirements of the companies'
contracts, the companies' liquidity position, the companies'
ability to obtain new contracts, the emergence of competitors with
greater financial resources and the impact of competitive pricing.
In the light of these uncertainties, the forward-looking events
referred to in this release might not occur.
VAYK Contact:
Contact@Vaycaychella.com
Vaycaychella (PK) (USOTC:VAYK)
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Vaycaychella (PK) (USOTC:VAYK)
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