SOURCE: Grid Petroleum Corp.

Grid Petroleum Corp.

March 29, 2016 08:30 ET

Grid Petroleum Completes Restructure With State of Nevada

Simlatus Corporation Provides $6.2M Asset and Revenue

BUFFALO, WY--(Marketwired - Mar 29, 2016) - Grid Petroleum Corp. (OTC PINK: GRPR) -- Grid Petroleum Corp. announces that it has completed the updates to the State of Nevada with its new management, new address, name change and reverse split.

The company has changed its name to 'Simlatus Corporation' which will better identify its revenue generating products in the broadcast and digital media industry and new technology being developed within the augmented/virtual reality market. The company intends to restructure its shares and has completed the process with the State of Nevada to effectuate a 1 for 500 reverse split of its common stock. The reason for this is that the majority of stock is restricted and held by affiliates and the company has only 23 shareholders. In order to qualify for the OTCQB, the company must have a stock price greater than $.01. The company feels that the OTCQB is one step closer to listing on the NYSE.

The CEO of GRPR, Gary B. Tilden, stated, "I am very serious about restructuring the shares, reducing the toxic debt, and restructuring or prepaying the notes that were accumulated with GRPR over the past few years. I am expecting the new company, Simlatus Corporation, to grow the business through our existing revenues, IP and strong relationships we have with our distributors and end users."

On March 15, 2016 Grid Petroleum Corp. appointed Robert Stillwaugh as its new Chairman, Gary Tilden as Chief Executive Officer and Mike Schatz as 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 including some of the major world dominant broadcast companies such as CBS, FOX, NBC, ESPN, ABC and DirecTV.

Mr. Gary Tilden, CEO stated, "In addition to our existing business and revenue from broadcast equipment sales, the Company, respectively, owns 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 serve a market segment that is presently being strongly embraced by consumers and is forecasted, by some of the most widely recognized tech companies in the world, as becoming a multi-billion dollar market in the very near future. The new products include 'SocialCast AR,' Augmented Reality, and Virtual Reality Content Server. 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.

"Upcoming augmented reality devices which combine virtual objects with the real world through high-tech glasses, are forecast to become a $120 billion business by 2020 according to a new report from Digi-Capital. That's four times more than the $30 billion business virtual reality will generate in the same five year span. The good news for our shareholders and investors is that statistics indicate both the AR and VR markets will become mainstream by 2020. In today's $88.4 billion global video game landscape, the PC, console, and mobile industries all thrive. And AR and VR hardware, games and apps are poised to become part of this growing ecosystem in the coming years. Our company, and our strong established relationships in the industry, will be a major competitor in this new industry. These relationships will ensure rapid and extensive distribution and utilization for our products. As a part of our successful growth we will need to restructure the shares of GRPR while we change our corporate name to 'Simlatus Corporation.'

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