BOULDER CITY, Nev., Oct. 17, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Guard Dog, Inc. (PINKSHEETS: GRDO), announced today, that it has eliminated its debt through an agreement to convert one creditor’s debt to Preferred Class “D” shares, and the mutual rescission of an obligation to another creditor. The ownership of the Preferred Class D shares has been transferred to a third party. The latest financials will now reflect a clean balance sheet.
In a separate agreement the owner of the newly created Preferred Class D shares has agreed to use them to exercise voting rights only, and not convert them to common shares for a period of at least 10 years. This makes the debt conversion completely non-dilutive for at least that period. The agreement will carry forward should ownership of the preferred shares be transferred in the future.
Guard Dog President and CEO, George Sharp, commented on the company’s path forward, “Guard Dog is committed to acting in the best interests of the shareholders and I believe that these non-dilutive agreements to eliminate the debt illustrates that commitment. We now expect to have the completed and clean financials presented to OTC Markets by the end of next week for their inspection towards our goal of bringing the company current again.”
Guard Dog management again cautions prospective buyers of its common stock, that there is no guarantee that the attempt to make Guard Dog a viable entity will be successful and admonishes the public to be aware that investments in penny stocks like Guard Dog, while occasionally rewarding, can be extremely risky.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
CONTACT:
Guard Dog, Inc.
1022 Nevada Highway
Boulder CIty, NV 89005
702-840-4433