SOURCE: Grid Petroleum Corp.

Grid Petroleum Corp.

March 22, 2016 15:06 ET

Grid Petroleum Retires Over $400K in Debt and 60M Shares

BUFFALO, WY--(Marketwired - Mar 22, 2016) -  Grid Petroleum Corp. (OTC PINK: GRPR) Grid Petroleum Corp. announces that it has initiated the first round of retiring debt and stock as a part of its restructuring. The company filed an 8-K/A today disclosing these initial transactions.

Last week on March 17, 2016 the company conducted a digital conference meeting with all of its shareholders and other public interests. In this meeting the CEO discussed its revenue growth in the major broadcast industry with clients such as DirecTV and FOX, and assured the shareholders that he would reduce the debts, shares and toxic transactions over the next several months. The company is designing high-end products for the upcoming $120 Billion augmented reality and virtual reality arena.

Gary B. Tilden, Chief Executive Officer stated, "We have initiated the first round of removing toxic debt to GRPR. This is in addition to restructuring our shares and amending our Articles of Incorporation to reduce the authorized shares to $2 Billion and a name change to 'Simlatus Corporation'. We plan to remove more debt and cancel more issuances that are unrelated to our new industry."

On March 9, 2016 the company acquired the intellectual property of RJM and Associates, LLC, and appointed Gary B. Tilden as the new CEO, Mike Schatz as the new COO and Robert Stillwaugh as the new Chairman. This $6.2M transaction brought immediate revenues and a new business to GRPR.

Listen to the Conference Call:

Read the 8-K/A Disclosure:

Read the Press Release:

Learn About RJM and Associates:

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.

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