LAS VEGAS, July 21, 2016 (GLOBE NEWSWIRE) -- Defense Technologies International Corp (OTCQB:DTII) (The Company), a developer of security technologies, announces debt restructuring and consolidation in preparations to move towards production.
On July 18, 2016, the Company closed agreements to buy-out and restructure two convertible note holders (EMA and Crown Bridge) holding an aggregate of $130,000 in convertible debt. This represents the first tranche of a proposed restructuring and consolidation of the Company's convertible debt into one financing partner, which should provide increased market stability from any conversion into the market.
The Company is currently in negotiations with a prospective funding partner to provide not just funding for our DTC Scanner production, which could begin in full within 1 to 1 ½ months, but also provide a more friendlier and longer term funding source for all the companies short and long-term capital needs.
Merrill W. Moses the CEO of Defense Technologies International Corp. commented. ”We are pleased to announce the consolidation of our convertible debt. The recent headlines regarding the increased need for venue security has drawn attention to our technology from a number of parties, and we are currently in the process of negotiating a long term funding relationship to cover not only our future production, but additionally any short term funding needs, which by the way, will help us move away from the need of dilutive forms of financing. This in turn should help move the company forward in our business model, while also protecting our shareholders and shareholder value, which is of the utmost importance to our Board of Directors.”
About Defense Technologies International Corp.
Defense Technologies International Corp (OTCQB:DTII) core ideology is to provide superior solutions for today’s new world risks and threats. DTC is positioned to enter the, until now, untapped public school market segment for threat detection security. DTC has assembled a respected team of experts with decades of experience sharing a common vision of safety, quality, service and shareholder value. Team members bring to bear a broad spectrum of executive, international and corporate experience, coupled with extensive diplomatic relationships both at home and abroad. www.defensetechnologiesintl.com
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Defense Technologies International Corp’s subsidiaries
(Formerly: Canyon Gold Corp.)
DEFENSE TECHNOLOGY CORPORATION, LLC (DTC)
http://www.defensetechnologiesintl.com/
Long Canyon Gold Resources Corp. (LCGRC)
www.canyongoldexploration.com
Forward-Looking Statements
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.