BOULDER CITY, Nev., Sept. 23, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- George Sharp, President of Guard Dog, Inc. (GRDO) announced today that the company has issued additional debentures to independent parties in the amount of $150,000, in exchange for cash. The company has now raised an aggregate total of $300,000 in non-toxic, convertible debt financing and anticipates that it will raise an additional $100,000 imminently.
As previously announced, under the terms of the non-brokered, 12 month 15% notes, the financiers have the option to convert any part of the principal and interest @ $.0032 per share, on a post-split basis. The agreement also provides warrants, entitling the financier to purchase new shares from the company at $.0064/share on a post-split basis.
The funds will be used for administration and operation expenses of the company, including legal, accounting, regulatory and other required expenditures, as well as an initial payment towards the ultimate investment in Starsona, once the Definitive Agreement has been executed.
Starsona, Inc. and Guard Dog have again agreed to extend the terms of the previously announced Letter of Intent, due to the backlog of certified document requests at the office of the Nevada Secretary of State. Although the company, has paid expedite fees to the state, it is processing requests at a much slower rate than it has in the past. These documents are necessary attachments to the request for reverse split and name change that will be filed with FINRA. Unfortunately, the company finds itself at the mercy of the state.
As the Definitive Agreement with Starsona will include a proposed timeline for the investment by Guard Dog, and because the timing of the Regulation A funding cannot be anticipated without the completion of the administrative applications with the state of Nevada and FINRA, the parties have agreed to hold off on the execution of a Definitive Agreement until these events are complete. Management expects that this will occur during the month of October.
About Guard Dog, Inc.
Guard Dog is an opportunity investor seeking to finance fresh ideas. The company is headed by George Sharp, a longtime whistleblower and advocate against microcap fraud. In addition to consulting to public companies, attorneys and those associated with the financial markets, Mr. Sharp is a former consultant to OTC Markets Group, Inc.
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.
Guard Dog, Inc.
1022 Nevada Highway
Boulder City, NV 89005