ARUNDEL, AUSTRALIA / ACCESSWIRE / July 25, 2024 / China Dasheng Biotechnology Co. (OTC PINK:CDBT) today acknowledges changes because of private off market transactions between custodians and founding members.
CDBT is pleased to advise that:
The 2, 5% Convertible Notes issued on July 20, 2022, to the custodians, Mr. Frank I Igwealor and Mr. Bryan Glass have been sold to 2 of the founding members of Cycclone Magnetic Engines, Inc.
The 2, 5% Convertible Notes have now been forgiven and decommissioned by the new owners of those Convertible Notes removing $400,000.00 of long-term debt liability.
CDBT has no issued or outstanding convertible or promissory notes as of the date of this release.
The Custodians each owned parcels of 16,000,000 common shares totaling 32,000,000 common shares.
The Custodians each sold 14,000,000 common shares to the founding members totaling 28,000,000 common shares. The Custodians retained 2,000,000 common shares each.
CDBT agreed to Non-Dilution and Registration Rights:
CDBT agreed to take no action which would materially dilute the existing shareholders of CDBT for a period of 18 months (eighteen) from the date the shares are eligible for trading on the OTC Market.
CDBT agreed to prepare and file a Registration Statement with the SEC with respect to Registrable Securities within 6 months (six).
"These changes position CDBT to be able to advance its objectives, including a return to full reporting, and increase focus on business plans and announced work plans" said CDBT CEO, Micheal Nugent, "Mr. Frank I Igwealor and Mr. Bryan Glass have been exceptional custodians, and the founders, shareholders and management of CDBT (Cycclone Magnetic Engines) thanks them immensely".
/S/ Micheal Nugent
CEO of CDBT
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CDBT. Cycclone Magnetic Engines, Inc.
On April 24, 2023, CDBT entered a Share Exchange Agreement to acquire all of the outstanding shares in Cycclone Magnetic Engines, Inc., the original founding company of the Cycclone Magnetic Engine project.
On September 30, 2022, CDBT and Cycclone Magnetic Engine Developments Limited entered into an Operating Agreement for The Amended Share Exchange Agreement giving effective control of Cycclone Magnetic Engine Developments Limited and the wholly owned subsidiaries.
Cycclone Magnetic Engines is engaged in the development and commercialization of new geometric configuration low carbon emission engines and other clean technology solutions with a view to create technologies that improve efficiency and reduce levels of greenhouse emissions. Cycclone has shareholding, assets, and interests in transport operations in Australia.
Micheal Nugent
mnugent@nugent.com.au
www.cdbtcycclone.com
+61438158688
Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks.
SOURCE: China Dasheng Biotechnology Co.
View the original press release on accesswire.com
