Hop-on Retires $1 Million in Debt to Lenders
Hop-on's CEO strikes deal that prevents dilution of shareholders
TEMECULA, Calif., March 11, 2014 /PRNewswire/ -- Hop-on, Inc. (OTCMarkets/Pinksheets: HPNN) has recently been successful in negotiating with several of its current debt holders and one debt holder agreed to convert part of their debt to preferred stock of the Company.
The Company has received one (1) executed Debt Exchange Agreement from one debt holder and the debt holder indicated that they are willing to further eliminate their debt and convert it to preferred stock.
This Debt Exchange Agreement eliminates over $1,000,000 in debt of the balance sheet of the Company. This will be reflected in the next financial statements filed with OTC Markets by the Company.
Peter Michaels, Hop-on CEO, stated, "The debt could have been converted into shares that would dilute the shareholder's current positions. However, the agreement stipulated the preferred shares must be held for at least one year. This is positive for current and future shareholders, as the value of their investment should not be diluted, adding value to their commitment to Hop-on and my commitment of not diluting the company."
The Company is in the process of filing a new amendment with the Secretary of the State of Nevada reflecting a new class of preferred stock. This preferred stock does not vote, and only converts to cash or common shares of the Company after a one-year holding period.
About Hop-on, Inc.
Hop-on, Inc. (HPNN.PK) is a global ODM and OEM manufacturer of electronics, based in the United States. Over the past 20 years, Hop-on has successfully secured essential patents for mobile communications and computing technologies, and is respected for developing the world's first disposable cell phone. Hop-on's focus on smartphones and innovative mobile device applications is bringing cost-friendly solutions to today's demanding world market. Hop-on is also diversified in delivering cannabis remedies. For more information, please visit www.hop-on.com, www.re-medical.com and www.usacig.com
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
For additional information, please contact Peter Michaels: (949) 756-9008
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