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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SPO Networks Inc (CE) | USOTC:SPOI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0018 | 0.00 | 01:00:00 |
Two smaller notes, which originated in 2004, were held by the Whalehaven Fund and Truk Fund, respectively. In January 2011, Whalehaven Fund filed suit against HTI for immediate injunction and relief.
HTI management worked diligently with the Whalehaven partners to agree upon a settlement that was acceptable to both parties. Whalehaven Fund would only agree on a settlement which consisted of repayment with shares of the company's common stock. HTI CEO Charlton Coats stated, "This lawsuit was unfortunate, but we have to accept their position on a settlement of shares rather than cash. HTI contested the note based on the assumption that it was directly tied to the NIR lawsuit. However, at this time and after exhaustive research, we concluded that Whalehaven's claims to the validity of this particular original note were legitimate. The issuance of 105,000,000 (one-hundred and five million) shares satisfies the debt in full. Both parties have filed the appropriate documents with the courts notifying them we have reached a settlement and wish to have this lawsuit quashed. Our management team and board of directors felt that it was in the best interest of our company and protecting our shareholders from any other possible unforeseen outcomes. This convertible note has now been removed from the company's balance sheet. Additionally, we have reached a settlement with the Truk Fund and documents are being drafted for signatures by both parties. Once this settlement is executed, we will notify our shareholders immediately. We are working hard to eliminate debt from our company and completing the settlements with Whalehaven and Truk are a critical step in that direction."
Highline has enlisted the help of SCORE in navigating the growth pains and challenges the company has faced. SCORE or Service Corps of Retired Executives was founded in 1964 and has 364 chapters nationwide. They provide advice and leads to small businesses with the drive to succeed. HTI has received invaluable counseling from SEC arbitrage specialists to marketing executives, and fully embraces the partnership that has developed with them. http://www.score.org/index.html
http://www.scribd.com/doc/47989941/4-21-2010-NIR-Summons-and-Complaint
http://www.scribd.com/doc/47991035/4-21-2010-NIR-Summons-and-Complaint-HTI-Counterclaims
http://www.scribd.com/doc/47988789/Whale-Haven-Complaint
About Highline Technical Innovations, Inc.:
HTI www.highlineinnovations.com is comprised of three subsidiaries, Highline Hydrogen Hybrid, Bo-tie Manufacturing and Hoss Motorsports. Highline Hydrogen Hybrids (HHHI) www.highlinehybrids.com manufactures performance fuel systems that focus on reducing harmful emission levels to meet and exceed EPA quotas. Its effect on horsepower and fuel economy makes it good to be green. Bo-tie Manufacturing www.highlinebeds.com produces high grade aluminum truck beds that supersede conventional steel models. At half the weight, Bo-tie beds provide greater fuel economy or larger payloads. Hoss Motor Sports www.hossusa.com is focused on the production of OFF-ROAD vehicles that are built to withstand the punishment of every day commercial use and are customized to meet the needs of special interest groups. HTI is a publicly traded corporation, dedicated to producing innovative, high quality products that allow today's motorists to "Do More... With Less."
Contact: Charlton Coats 479-267-6000 info@highlineinnovations.com
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