LOS ANGELES, July 31, 2014 /PRNewswire/ -- TechnoConcepts, Inc. (OTCMarkets/Pinksheets: TCPS) has recently been successful in negotiating with its last current debt holder and this debtholder has agreed to convert of all 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 completely 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 OTCMarkets by the Company.
The Company has eliminated over $2,200,000 in debt since June 2013. This is the fourth Debt Exchange Agreement the Company has successfully negotiated with debt holders.
About TechnoConcepts, Inc.
TechnoConcepts, Inc. (OTCMarkets/Pinksheets: TCPS) is a wireless technology company currently holding patents and other intellectual property. The Company is a Colorado company in good standing.
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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 press 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.
SOURCE TechnoConcepts, Inc.