Colombian Coal Stock Alert: VSUS Technologies (OTCQB:VSUT) Announces Retirement of Debt and Board Resignations
Category: Investment, Gold, Mining
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BOGOTA - December 4, 2012 (Investorideas.com Mining stocks newswire) VSUS Technologies Inc. (OTCQB: VSUT) ("VSUS" or the "Company") announced today it has retired significant company debt. The Company is also announcing the resignation of two officers.
Kyle Gotshalk and Cherish Adams have resigned as officers of VSUS Technologies Inc. Their resignations were part of a debt settlement agreement and not due to any disagreements or conflicts with the company or its management. VSUS Technologies has entered into a debt settlement agreement with Ararat LLC that will reduce the company's liabilities by approximately $ 500,000. The Company has also paid in full two convertible promissory notes with Asher Enterprises totaling approximately $ 80,000 in principal, interest, and premium. The Company still has a third note with Asher it intends to pay in full next month. The retirement of this debt not only significantly reduces company liabilities but also the expense associated with carrying that debt.
The two resigning directors have returned approximately 7.75 Million shares to the company which currently has 75,938,476 shares outstanding. According to our transfer agent, as of December 3, 2012, there are 20,713,000 shares with CEDE & Co., nominee for the Depository Trust Corporation (DTC).
"We have made considerable progress with our studies and land surveys in Colombia; we expect to submit both our environmental impact assessment and works program to the proper agencies in the coming weeks. We will begin to interview operators and execute land purchase agreements in the next quarter," commented John Campo, President.
VSUS Technologies is building a strong team of geologists and engineers on the ground in Colombia and will be adding new board members at the appropriate time. The company will be rebuilding their website in 10 languages to engage social media and showcase their projects and studies to interested investors around the world. The company will establish a new corporate identity committed to keeping investors more informed going forward.
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About VSUS Technologies Inc.
VSUS Technologies is a growing company that is acquiring coal concessions in Colombia in order to satisfy the world market demand for coal. Once a concession is acquired and the necessary financing is obtained, the Company will begin all the required environmental and geological studies to get them into production as efficiently as possible. The Company plans to have three revenue producing business units in Colombia: coal mining, coking oven facilities, and docks and river transportation along the Magdalena River. For more information on our company visit our website at www.vsustechnologies.com
Forward Looking Statements
Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include financing, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations. VSUS Technologies, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
VSUS Technologies Inc.
Mr. John Campo
(57) 318-657-0918 Colombia
Cra. 16 # 79-31 Suite 703a
Published at Investorideas.com newswire
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