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VISM Visium Technologies Inc (PK)

0.0048
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Visium Technologies Inc (PK) USOTC:VISM 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% 0.0048 0.0048 0.0055 0.00515 0.0048 0.0048 1,327,612 15:48:33

NuState Announces Completion of First Milestone for New Executive Team

26/08/2010 1:11pm

PR Newswire (US)


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COLUMBIA, S.C., Aug. 26 /PRNewswire-FirstCall/ -- Following the August 12th announcement of the change of officers and directors at NuState Energy Holdings, Inc. (Pink Sheets: NSEH), the new executive team surpassed their first milestone to consolidate and settle the outstanding defaulted debt with the Adamas Fund, the largest debt holder for NuState, and assorted trusts associated with the Adamas Fund.

As full payment of the outstanding principal balance, without interest, of $1.575 million, NuState assigned its total shares of Rentar Environmental to the Adamas Fund and the two associated trusts.  As full payment of the outstanding accrued interest of $630,674, the company will issue 25 million share purchase warrants with an exercise price of $.035 each and a five year maturity.

In addition, the Adamas Fund is currently the holder of $17.5 million common shares, escrowed as security, and the Fund has agreed to release those shares to the company for cancellation.

This milestone was one of the first priorities for the new executive team. Adamas represented NuState's largest debt holder. By eliminating the largest debt holder of the company, NuState is well on its way to becoming a debt-free company by 2011. The new executive team has made additional progress with creditors and continues to receive positive feedback.

NuState CEO George Stevens stated, "This transaction represents a major milestone for the company as this indebtedness represented a material amount of the total corporate debt, and the default status has been eliminated."  

For more information about NuState, logon to www.nsehco.com or call the new headquarters at (803) 748-1309. The new headquarters are located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201.

Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.

SOURCE NuState Energy Holdings, Inc.

Copyright . 26 PR Newswire

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