InternetArray in Business Combination Discussions
Announces Major Restructuring of Senior Debt
-Significant Gain Realized for 2012-
NEW YORK, Dec. 19, 2012 /PRNewswire/ -- InternetArray, Inc., (OTC: INAR), has completed a major debt restructuring, paving the way for the Company's future growth. Holders of Senior Debt have agreed to waive payment of nearly 50% of Senior Debt obligations and associated accrued interest totaling approximately $2,000,000. This obligation has been on the Company's books since 1996 and its elimination creates a gain for 2012. Further, based upon meeting future performance milestones in 2013, the Debt holders have agreed to additional debt elimination.
Now that the major part of the debt is cleared, InternetArray is positioned to expand, enter into new business ventures and partnerships that have global reach, holding significant prospects for the Company.. The company has been in contact with the management of Marine Exploration Inc. (OTC: MEXP) regarding a possible joint venture or merger. Further, this potential combination is interested in utilizing the healthcare product manufacturing technology and expertise of Healthnostics, Inc., (OTC: HNSS) for a humanitarian-based commercial project. We will be initiating a LOI to review the combination of the companies and their collective intellectual properties.
About InternetArray, Inc. (www.internetarray.com)
InternetArray, Inc. provides guidance and investment for innovative, early stage Internet companies. The Company's mission is to identify and develop collaborative business partners into viable and profitable companies.
This press release may contain certain statements that are not descriptions of historical information, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These forward-looking statements refer to matters that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from the assumptions currently anticipated.
About Marine Exploration Inc.:
Marine Exploration Inc, directly and with and through its joint venture partners, is engaged in the exploration and salvage of shipwrecks and uses innovative methods and state-of-the-art technology to conduct extensive ocean search and recovery operations. The Company has a subsidiary interest in Atmospheric Water Solutions, Inc. Marine Exploration Inc. is also engaged in identifying and engaging in other related business opportunities for purposes of diversification and revenue generation.
Forward-Looking Statements (Marine Exploration Inc.)
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE InternetArray, Inc.