Genius Completes Shares for Debt Settlement
Genius Properties Ltd. CSE: GNI
Genius Completes Shares for Debt Settlement
January 30, 2015 – Montreal, Quebec – Genius Properties Ltd. (“Genius” or the “Corporation”) (CSE: GNI) announces that it has entered into a debt settlement agreement (the "Debt Settlement Agreement") with North Lion Holding Corp. ("North Lion") a company that provided management and administrative services to Genius’ wholly-owned subsidiary, ZenCig Corp., pursuant to which both parties agreed to a mutual and final settlement of debt owed to North Lion following the termination of a service agreement by the issuance of 200,000 common shares of Genius. Of these common shares, 100,000 common shares are subject to a contractual escrow of six months. The Corporation determined it was best to satisfy its outstanding debt by the issuance of shares so to preserve its cash for operations.
The Company is relying on exemptions from the prospectus requirements found in section 2.14 of National Instrument 45-106 and applicable securities laws to issue the shares to North Lion. The common shares issued to North are subject to regulatory resale restrictions.
About Genius
Genius is an international firm dedicated to building, buying, investing, and representing the next generation of brands. We focus on selecting and marketing brands that are innovative, eco-friendly, and/or are market disruptors. We only work with brands that have scalable revenue potential.
A PROVEN TEAM AND FORMULA
- Ensures systems are in place to conduct business
- Provides the execution strategy for launching brands
- Develops powerful presentations for launch of products
- Creates marketing programs that are affordable but look like tier 1 companies
- Build national and international sales teams to successfully launch products with great potential
For more information, contact:
Stéphane Leblanc President and CEO Tel.: (418) 717-2553 Email: [email protected]
800 Boulevard Rene-Levesque West, Suite 425, Montreal, Quebec H3B 1X9