PLANO, Texas, Oct. 15, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – Sharing Services Global Corporation (OTCQB: SHRG) ("SHRG") and 212 Technologies, LLC ("212") announced today that they had executed a mutually satisfactory settlement agreement concerning related disputes arising out of a series of commercial agreements previously executed between the parties.
The agreements in dispute involved: (i) a “Stakeholder & Investment Agreement” dated May 25, 2017 (the “SIA”), whereby SHRG was granted a 24% ownership stake in 212 in exchange 5,628,750 shares of SHRG Series A Preferred Stock (the “SHRG Stock”) and (ii) a “Software License Agreement” dated June 12, 2018 (the “SLA”) entered into by and between Elepreneurs, LLC, a wholly owned subsidiary of SHRG (now known as Elepreneurs U.S., LLC)(“Elepreneurs”) and 212, pursuant to which 212 was to develop a customized mobile application to facilitate the sale of products sold by SHRG’s subsidiary companies.
SHRG and 212 have entered into a comprehensive “Release And Settlement Agreement” (the “Settlement Agreement”) under which the parties have resolved all matters of concern. Such resolution includes the rescission of the SIA, resulting in the surrender by 212 of the SHRG Stock to SHRG. The Settlement Agreement also documented the termination of the SLA which will result in the discontinued use of the 212 mobile application by Elepreneurs.
In connection with the execution of the Settlement Agreement, Elepreneurs has agreed to dismiss, with prejudice, a lawsuit filed in the State District Court of Texas concerning the functionality of the mobile application produced by 212 under the SLA.
By mutual agreement, all parties to the Settlement Agreement have agreed to move beyond this prior relationship and to pursue their respective commercial ventures without foreclosing the prospect of engaging in collaborative projects in the future.
About Sharing Services Global Corporation – [Source: SHRG]
Sharing Services Global Corporation (OTCQB: SHRG), formerly Sharing Services Inc., is a diversified holding company that is publicly traded and dedicated to the enhancement of shareholder value through the acquisition and development of innovative companies, products and technologies, having a primary revenue model driven by a direct selling platform. The Sharing Services combined family of ventures leverages the capabilities and expertise of various companies that market and sell products direct to the consumer through independent and autonomous distributors. Two of its primary divisions include Elevacity Holdings, LLC (a product sourcing and supply company) and Elepreneurs Holdings, LLC (a sales and marketing company based on utilization of independent contractors, doing business as “Elepreneurs” [SM]). For more information, visit www.SHRGInc.com, www.Elevacity.com, or www.Elepreneur.com
About 212 Technologies, LLC - [Source: 212]
212 Technologies, LLC is a leading developer of marketing technologies for the direct sales market including web-based software and mobile applications. Its systems have been developed based upon more than 23 years' experience in online marketing and have been accessed by over 20 million system users. Its flagship products leverage cutting-edge technology and provide a comprehensive "end to end" platform, including customer facing websites, back end system management, unique database schema, specialized client and server side scripting, intuitive mobile applications, and a proprietary AI Module (“Automated Intelligence”) that monitors data and interacts seamlessly between each system element. For more information, visit https://212technologies.net
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