SOURCE: Grid Petroleum Corp.

Grid Petroleum Corp.

April 01, 2016 08:30 ET

Grid Petroleum Announces Annual Shareholder Meeting

GRPR Reverse Split Is Postponed: Statement From the CEO

GRASS VALLEY, CA--(Marketwired - Apr 1, 2016) - Grid Petroleum Corp. (OTC PINK: GRPR) announces today that the Annual Shareholder Meeting is scheduled for June 15, 2016. On March 10, 2016 Grid Petroleum Corp. appointed Robert Stillwaugh as its new Chairman, Gary Tilden as the Chief Executive Officer and Mike Schatz as the Chief Operations Officer as a part of acquiring the assets of RJM and Associates LLC, and pursuant to the Form 8-K filed on March 10, 2016. RJM and Associates, LLC has developed, manufactures, markets and owns proprietary advanced broadcast equipment and software and sells this audio and video broadcast equipment worldwide. These systems have been sold worldwide over the past 15 years with end-users such as CBS, FOX, NBC, ESPN, ABC and DirecTV. On March 25, 2016 Grid Petroleum changed its name to Simlatus Corporation with the State of Nevada, Secretary of State.

Gary B. Tilden, CEO of Grid Petroleum stated, "Although the company filed a Press Release and an administrative action with the State of Nevada regarding a 1 for 500 reverse split, I am postponing the 1:500 reverse split. Management has discussed certain objectives related to turning around the past perception of Grid Petroleum based upon the belief that our actions must be guided by specific principals that must preserve and strengthen the quality of the public confidence in our company. Therefore, we have taken the initiative on direct actions to establish value in the company and with all of the shareholders. One of the most important contributing factors to establishing the financial health of our company is Shareholder participation. Therefore prior to initiating a reverse split or any capital restructuring for that matter, we plan to allow Shareholder participation in the following manner:

On May 5, 2016, the Company will mail out our Annual Proxy to all shareholders of record and to shareholders holding shares in 'street name.' We are providing all shareholders the ability to vote on corporate matters. The Annual Proxy will address the following items:

1.) Shareholder vote on the appointment of the full Board of Directors. We are actively soliciting two well qualified director nominees to add to the proxy to become Independent/ Outside Directors to the Board of Directors. 

2.) Establish members for an Audit and Executive Compensation Commitment so that over the next year the Company can begin establishing proper financial controls and reviewing executive compensation.

3.) Shareholders will have the right to vote on the capital restructuring. Management will not execute any roll back of shares until the proxies have been received. All of the Shareholders will have the right to vote and attend the Annual Shareholders Meeting.

June 6, 2016 is the due date for the Annual Proxy so that the Company can perform the required tabulation.

On June 15, 2016 at 1:30 PM PST Grid Petroleum will hold its Annual Shareholder Meeting in the company's headquarters located 175 Joerschke Drive, Suite A, Grass Valley, CA 95945. During our Annual Shareholder Meeting our management will present the Annual Budget addressing the capital formation, capital requirements, expected dilution, discuss management's effort towards restructure of the toxic debt left from previous management, current revenue of operations and potential growth over the next twelve months. If any shareholders would like a tour of our current operation prior to the shareholders meeting please email us at info@gridpetro.com. We will also be conducting a shareholder tour of the operations beginning at 12:30 PM, however the question and answer period will be held during the annual shareholders meeting."

Mr. Tilden further stated that "Simlatus Corporation is an emerging company focused upon being a leader in the $150 Billion 'Augmented and Virtual Reality Device Industry'. Simlatus is positioned with R&D digital media/augmented reality products currently in development to develop a strategic technology roadmap which will enable the company to expand into high-growth digital television and over-the-top (OTT) markets. These products are being developed to a market segment presently being strongly embraced by our existing consumers. The Industry forecasts, by widely recognized tech companies in the world, are becoming a $150 Billion dollar market in the very near future. Simlatus' new products will include SyncPal, 'SocialCast AR,' Augmented Reality, and Virtual Reality Content Server products for major markets. The target technologies include Virtual Reality, Augmented Reality, Audio/Video Codecs, Audio Content Recognition, and OTT API Integration into Key Platforms. The Market Analysis and IP Portfolio will include new patents specifically developed for these products and owned by the Company.

Further, GRPR has existing revenues as a part of the Asset Purchase Agreement and continues to sell products to its 75 distributors worldwide to end users such as CBS, NBC, ABC, ESPN, FOX and DirecTV. You can visit our product website at www.rjmandassociates.com. The Company is currently building a Simlatus Corporation website which will be functioning in the near future."

Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.

Contact Information

  • Investors:

    Gary B. Tilden
    Chief Executive Officer
    Grid Petroleum Corp.
    (800) 390-8446
    info@gridpetro.com