Tuesday, October 18, 2016

Recent Volatility in the HWAL market

Shareholders,
We are preparing a full shareholder update letter to be released later this week which will outline our recent growth activities including the hiring of a new Senior Executive Management team, recent acquisitions, current productions and exciting new projects.
Please allow the following to address the recent volatile activity in the market and outline our actions designed to rectify the market volatility.
Last year, (2015) when the company restructured its common stock 77:1 there was an outstanding convertible note due to Blackbridge Capital LLC., (Blackbridge).
On August 18, 2016, Blackbridge presented the first of two debt conversion notices to our transfer agent, Cleartrust LLC., for conversion of the debt due under the Note. Under such Conversion Notice, Blackbridge requested the issuance of 1,000,000 shares as calculated using the conversion price of $0.005 per share. The conversion rate they used for the issuance was a predated rate and prior to the company’s capital restructure of 77:1.
After being informed of this event by Cleartrust the company filed an injunction against Blackbridge in the Circuit Court of the Thirteenth Judicial Circuit in and for Hillsborough County, Florida Circuit Civil Division on August 25, 2016.
Blackbridge should not been allowed to use the old conversion price that was set prior to the company’s capital restructure of 77:1.
Blackbridge continues to sell these shares into the market.
We continue to work with our counsel to vigorously defend all of our legal rights and necessary steps to stop this sell off and recover our shares.
Hollywall Entertainment, Inc.http://hollywall.com/
info@hollywall.com

No comments:

Post a Comment