Penthouse (CE) (USOTC:PHSL)
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From Oct 2019 to Oct 2024
PET Capital Partners, LLC, Through Its Agent, Has the Right to
Vote and Sell 10,500,000 Shares of the Series C Preferred Stock of Penthouse
International, Inc.
NEW YORK, Aug. 17 /PRNewswire/ -- PET Capital Partners LLC announced today
that Marc H. Bell and Daniel C. Staton, members of NAFT Ventures I LLC, which
is the Sole Member of PET Capital Partners LLC have filed a Schedule 13D with
the Securities and Exchange Commission. Marc H. Bell and Daniel C. Staton (as
members of NAFT Ventures I LLC), acting on behalf of PET Capital Partners LLC,
entered into a pledge agreement, dated April 15, 2004, by which an agent of PET
Capital, became the pledgee of 10,500,000 shares of the Series C Convertible
Preferred Stock (the "Preferred Stock") of Penthouse International, Inc.
("PII") (OTC:PHSL.PK) pledged by the Molina-Vector Investment Trust, which is
owned by Dr. Enrique Molina Galeana and is the principal shareholder of PII.
The Preferred Stock is convertible into 954,545,454 shares of PII's Common
Stock. Under the pledge agreement, the Molina-Vector Investment Trust
unconditionally and irrevocably guarantees the obligations of Dr. Molina under
certain promissory notes of Dr. Molina that are payable to the order of several
obligees, including PET Capital. The pledge agreement provides that in the
event of default by Dr. Molina on payment of his obligations under the notes,
the pledgee, acting as agent for PET Capital, is entitled, upon providing the
Molina-Vector Investment Trust and its counsel with no less than 10 days prior
written notice, to dispose of any or all of the pledged securities.
Additionally, upon an event of default, Pet Capital's agent has voting power
with respect to the pledged Preferred Stock.
Dr. Molina failed to make an interest payment on the notes that was due on June
30, 2004; as a result, a default occurred on July 6, 2004 (there was a 5-day
grace period). As a result of the default and upon fulfilling the notice
requirements, PET Capital's agent may sell the pledged Preferred Stock.
This announcement does not constitute an offer to sell or a solicitation of
offers to buy any security.
This release contains statements relating to future results of the Company that
are "forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from those
projected as a result of various risks and uncertainties.
DATASOURCE: PET Capital Partners LLC
CONTACT: Rana Mitra of PET Capital Partners LLC, +1-561-988-1700