CHEYENNE, WY / ACCESSWIRE / May 10, 2021 / CADUCEUS CORP, INC. (OTC PINK:CSOC) ('Caduceus' or the 'Company'), a publicly traded holding company focused on strategic consumer goods acquisitions is pleased to announce that the Company has been negotiating the settlement of debts from previous management.
Caduceus Corp has achieved a first major milestone by signing a debt settlement agreement with the former director and other related parties, for a definitive write-off of outstanding unsecured debts with a principal total amount of $3,039,880, including accounts payable and accrued expenses $56,314, accrued expenses - related party $386,650, accrued interest $15,511, notes payable - related parties $2,400,000, loans payable $128,753 and loans from officer $52,652.
'We are excited about successfully writing off this debt in full and eliminated the short-term debt that was due to potentially convert to into common shares and causing dilution. Maintaining a solid capital structure is a necessary foundation for our new direction and paramount to creating and increasing shareholder value', said Alex Chen, Chief Executive Officer of Caduceus Corp.
The $3,039,880 debt settlement agreement along with the ongoing acquisition of a revenue generating company that also has over $6,000,000 in assets will significantly improve the balance sheet of the company.
'Adding the assets and revenues of McLovin's - a fast growing, revenue generating business - while writing off over $3M$ of debt off the company's balance sheet, creates a significant positive value to shareholders and to our balance sheet', added Alex Chen, Chief Executive Officer of Caduceus Corp.
About Caduceus Software Systems Corp, inc.
Caduceus Software Systems Corp, Inc. is a Wyoming-based holding company focusing on strategic consumer goods acquisitions of commercialized businesses. We are dedicated to supplying quality, healthy and innovative products and solutions. The Company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol 'CSOC'.
For more information:
About McLovin's Pet Food, Inc
McLovin's, Inc. is a California registered company focusing on the manufacturing and distribution of quality pet foods. We believe in real food. What you'll find in McLovin's is similar to what you'll find in your own grocery cart. In the case of our premium treats, it starts (and ends) with real beef, chicken and salmon. Our products are developed using responsible sourcing and quality is a key part of every single part of our manufacturing process.
Corporate Website: https://mclovinspetfood.com/
Safe Harbour Statement - In addition to historical information, this press release may contain statements that 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. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. 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. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
SOURCE: Caduceus Software Systems Corp, Inc.
View source version on accesswire.com: