SAGINAW, MI--(Marketwire - Jul 9, 2012) - HPIL Holding (the "Company") (OTCQB: HPIL) (PINKSHEETS: HPIL) is pleased to announce that as of June 27, 2012, Mr. Louis Bertoli, Chairman, President & C.E.O. of the Company agreed to convert a promissory note in the amount of $500,000 owing to him by the Company into 2,500,000 shares of the Company's common stock.
In a separate transaction, on June 28, 2012, the Company agreed to acquire a portfolio of patent rights and assets from GIOTOS Limited, a company owned and controlled by Mr. Louis Bertoli, in exchange for 100,000,000 shares of the Company's common stock.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filings.