TORONTO, ONTARIO--(Marketwired - Sept. 3, 2014) - Applied Inventions Management Corp. (the "Company") is pleased to announce that it has arranged to settle indebtedness (the "Settlement") of an aggregate of $50,000 of outstanding debt owing to Michael Stein, a director and officer of the Company, by way of issuance of Class B Voting shares of the Company. The Settlement represents repayment of certain shareholder advances made by Michael Stein for the payment of administrative expenses of the Company.
The Company will issue 833,333 Class B Voting shares of the Company (the "Shares") at a price of $0.06 per Share, in full satisfaction of $50,000 of outstanding debt owing to Michael Stein. The Shares will be subject to a four-month hold period from the date of issuance.
The Company received disinterested shareholder approval of the issuance of Shares at a shareholders' meeting held on June 4, 2014.
The Settlement constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on Sections 5.5(b) and Sections 5.7(b), respectively, of MI 61-101.
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Source: Applied Inventions Management Corp.