Michael Stein

September 08, 2014 16:16 ET

Michael Stein

TORONTO, ONTARIO--(Marketwired - Sept. 8, 2014) - Michael Stein (the "Creditor") announced today that he received 833,333 Class B Multiple Voting Shares (the "Class B Shares") of Applied Inventions Management Inc. (the "Company") at a deemed price of $0.06 per Class B Share (the "Debt Settlement Shares") in satisfaction of $50,000 of outstanding debt owed by the Company to the Creditor pursuant to a debt settlement agreement dated September 2, 2014.

Prior to the acquisition of the Debt Settlement Shares, the Creditor owned 20,337 Class A Subordinate Voting Shares (the "Class A Shares") and an aggregate 104,085 Class B Shares (together the "Existing Shares") of the Company representing approximately 5.2% of the outstanding Class A Shares and 34% of the outstanding Class B Shares of the Company.

The Debt Settlement Shares together with the Existing Shares results in the Creditor having control over 20,337 Class A Shares representing approximately 5.2% of the outstanding Class A Shares of the Company and 937,418 Class B Shares representing approximately 82.3% of the outstanding Class B Shares of the Company.

The Debt Settlement Shares were acquired in satisfaction of $50,000 of outstanding debt owing to the Creditor. The Creditor may from time to time, increase or decrease his ownership of securities of the Company depending upon future market conditions.

Contact Information

  • Michael Stein
    (416) 410-7722