POINT ROBERTS, Wash., July 15, 2025 (GLOBE NEWSWIRE) -- Sanwire Corporation ("Sanwire" or the "Company") (OTC: SNWR), a diversified company with a focus on aggregating technologies within a number of industries, is pleased to announce that as a follow-up to its press release dated May 21, 2025, Sanwire has filed a complaint in Clark County, Nevada District Court (Case No. A-25-923008-C) (the "Complaint") against Delaware-based Intercept Music, Inc. ("Intercept Music"), Nevada-based Intercept Music Group, Inc. ("Intercept Group"), and Delaware- based Trillium Partners, LP ("Trillium"). The court filing date was July 11, 2025.
Summary of historical events and the Complaint alleges the following:
- Sanwire and Intercept Music were parties to an acquisition agreement ("Acquisition Agreement"), dated March 5, 2020, wherein Sanwire purchased the assets of Intercept Music. The purchase price was the issuance of Sanwire's common stock and Series C Preferred Stock to Intercept Music stakeholders.
- Between December 2020 and March 2023, Intercept Music raised approximately $2,500,000 by selling Sanwire's common stock and issuance of convertible notes ("Funds Raised"). Proceeds from Funds Raised were directly wired/deposited to Intercept Music's bank account. Sanwire never received any of the proceeds from those Funds Raised, but remains the named obligor on all convertible notes and issuance of Sanwire's common stock.
- On October 7, 2021 Intercept Music and Trillium negotiated and finalized a $115,000 Convertible Promissory Note and an accompanying warrant for 23 million shares of Sanwire common stock ("Trillium Note"). Sanwire's prior Board of Directors contemporaneously approved the Trillium Note transaction and instructed its transfer agent, New Horizon Transfer Inc., to maintain a share reserve for Trillium.
- Trillium wired funds of the Trillium Note directly to Intercept Music's bank account. Sanwire never received any of the loan proceeds from the Trillium Note, but remains the named obligor on the Trillium Note.
- Between October 2023 and January 2024 Trillium converted $122,230.41 of the Trillium Note ("Converted Amount") and received a total of 642,147,984 million Sanwire common shares in six (6) separate conversion transactions. The Converted Amount comprised of principal amount of $84,208.23, accrued interest of $8,601.37, and default interest of $29,420.81.
- These conversions caused substantial loss and damage to Sanwire, as it drove down the share price significantly lower. In addition, these conversions caused Sanwire's issued and outstanding shares to increase, ballooning to nearly the maximum of Sanwire's authorized share capital. Current issued and outstanding common shares are 2,901,074,406.
- Trillium subsequently requested from Sanwire's current management and Board of Directors to further increase the authorized share capital to allow Trillium to convert even more debt and dilute shareholders. Sanwire refused to increase its authorized share capital.
- Trillium still claims at least $135,513 of the Trillium Note comprised of principal amount, accrued interest, and default interest is outstanding ("Unconverted Balance"). Trillium should pursue Intercept Music to repay the Unconverted Balance.
The Complaint asks for relief to the following:
- As a direct and proximate cause of Intercept Music's breach of the Acquisition Agreement, Sanwire is seeking to unwind the Intercept Music Acquisition Agreement and
- the return and cancellation of 1,361,566,319 of Sanwire's common stock issued and held by Intercept Music insiders, investors, service providers, consultants and partners; and
- the return and cancellation of 8,853,000 of Sanwire's Series C Preferred stock issued and held by Intercept Music insiders; and
- a payment to Sanwire of Two Hundred and Fifty Thousand Dollars ($250,000.00) in fees to reverse acquisition transaction; and
- reimburse Sanwire for Trillium Note Converted Amount of $122,230.41 plus a reasonable interest fee; and
- reimburse Sanwire for all expenses it has incurred including but not limited to responding to Trillium default judgement, attorneys' fees, accounting fees, Trillium Note Converted Amount, transfer agent fees. The total expenses will be determined at trial and approved by the court; and
- assumption of all investor's convertible and promissory notes that Sanwire remains as the obligor including Trillium Note Unconverted Amount of at least $135,513.
- As a direct and proximate result of Trillium's conduct, Sanwire is seeking
- the return of 642,147,984 of Sanwire's common stock that Trillium obtained improperly; and
- reimburse Sanwire for all expenses it has incurred responding to Trillium default judgement including but not limited to attorneys' fees, accounting fees, transfer agent fees. The total expense amount will be determined at trial and approved by the court.
Ron Hughes, President and CEO of Sanwire stated, "It is incumbent upon the Board to aggressively litigate these reparations to the benefit of Sanwire shareholders. The Board remains open to resolving these issues without having to go to trial, nonetheless will stay resolute to prevailing in these matters. The return and cancellation of a total of 2,003,714,303 common shares would significantly enhance Sanwire's share capital structure to enrich new acquisitions/partnerships and/or attract future investors. Sanwire continues to evaluate prospective business acquisitions and partnership opportunities, as we look forward to putting the Intercept and Trillium chapter well behind us."
About Sanwire Corporation
Sanwire Corporation is a diversified company with a focus on aggregating technologies within several industries. For more information, visit sanwirecorp.com.
For press and corporate inquiries, please contact:
Ronald E. Hughes
CEO, Sanwire Corporation ron.hughes.management@gmail.com
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