MANALAPAN, N.J., May 06, 2020 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (Other OTC: SNPW) provides an update on the Company filing status, operations and projects.
By May 14, 2020 the Sun Pacific anticipates filing its Form 10-K for fiscal year ending 2019, including its audited financials and management discussion and analysis of the Company’s results.
On April 30, 2020, the remaining warrants, as part of a convertible debt issuance between the Sun Pacific Holding Corp and EMA and Auctus expired. This brings to a conclusion the conversions of convertible debt and warrants held by EMA and Auctus for common stock in the Company which had been exerting pressure on the common shares of the company due to the high levels of conversions and subsequent sales of its common stock share price.
Sun Pacific Holding Corp subsidiary proposed solar project in Durango also continues to make forward progress. The proposed solar farm to be located in Durango, Mexico has been expanded to 50 Megawatts. Power Purchase agreements and letters of intent with future users have been entered into that exceed the operating capacity of the proposed solar farm. Proforma financial information and plans for up to $90 million in funding have been circulated to several interested parties for review and due diligence with the Company through a wholly owned subsidiary has proposed an increase in its initial ownership equity position of thirty five percent of the project’s operating company as part of its development efforts.
Sun Pacific Holding Corp subsidiary, Medrecycler RI, Inc. (“Medrecycler”) has continued to make progress with the various regulatory approvals needed to operate a medical waste to energy facility in West Warrick, RI. Medrecycyler’s proposed thermal process for medical waste destruction was approved and declared truly Pyrolysis by the (EPA) Environmental Protection Agency. National Grid in Rhode Island has approved the electrical connection to the existing service for the operational processes for the Medrecycler facility. Medrecycler has also received from the Rhode Island Department of Environmental Management (“DEM”) the final draft permit approval for air quality. Medrecycler is currently in the final stages of completing and submitting an industrial hygienist report, along with various other replies for requested information from the Rhode Island DEM as it works to complete the final request of information for its operating permit.
Sun Pacific Holding Corp subsidiary Street Smart Outdoor Corp has received approval for the placement of 25 benches in Tallahassee, Florida and is waiting for the approval of an additional 25 benches. Street Smart Outdoor Corp’s new partner relationships continue to reach out to national advertisers as it works to expand advertising utilization for its various advertising benches and shelters.
About Sun Pacific Holding Corp:
Sun Pacific Holding Corp. (Other OTC: SNPW) uses management's knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit www.sunpacificholding.com
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This news release contains statements that involve expectations, plans or intentions (such as those relating to future expansion or financial results) and other factors discussed from time to time in the Company's OTC Markets filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.