PHOENIX, March 9, 2021 /PRNewswire/ -- RAADR, Inc. (OTC PINK: RDAR or the "Company"), a technology and software development company that monitors cyber-bullying and social media platforms with artificial intelligence is pleased to announce it has reached a settlement agreement with one of the previous lender's Typenex Co- Investment, LLC ("Typenex").
The Company previously sold and issued Typenex a promissory note on November 23, 2015 (the "Promissory Note") for an original principal amount of $280,000.00 pursuant to a Securities Purchase Agreement between both companies dated November 23, 2015 (the "Purchase Agreement").
The Company and Typenex entered into a Note Settlement Agreement dated March 8, 2021 (the "Settlement Agreement") to completely settle the obligations owed under the Promissory Note and the Purchase Agreement.
Pursuant to the Settlement Agreement, Typenex has given the Company a conversion notice whereby the Company is required to issue to Typenex Eighty-Eight Million (88,000,000) shares of the Company's common stock in full settlement of the Promissory Note.
"It is my goal to eliminate the old convertible debt in RAADR this year! Announcing this settlement agreement is a perfect example of that! We will continue to negotiate with the Company's lenders to eliminate debt," says CEO Jacob DiMartino.
Contact: Jacob Dimartino, [email protected]
SOURCE RAADR, Inc.