NEW YORK, Dec. 19, 2012 /PRNewswire/ -- InternetArray,
Inc., (OTC: INAR), has completed a major debt restructuring, paving
the way for the Company's future growth. Holders of Senior
Debt have agreed to waive payment of nearly 50% of Senior Debt
obligations and associated accrued interest totaling approximately
$2,000,000. This obligation has
been on the Company's books since 1996 and its elimination creates
a gain for 2012. Further, based upon meeting future
performance milestones in 2013, the Debt holders have agreed to
additional debt elimination.
Now that the major part of the debt is cleared, InternetArray is
positioned to expand, enter into new business ventures and
partnerships that have global reach, holding significant prospects
for the Company.. The company has been in contact with the
management of Marine Exploration Inc. (OTC: MEXP) regarding a
possible joint venture or merger. Further, this potential
combination is interested in utilizing the healthcare product
manufacturing technology and expertise of Healthnostics, Inc.,
(OTC: HNSS) for a humanitarian-based commercial project. We
will be initiating a LOI to review the combination of the companies
and their collective intellectual properties.
About InternetArray, Inc.
(www.internetarray.com)
InternetArray, Inc. provides guidance and investment for
innovative, early stage Internet companies. The Company's
mission is to identify and develop collaborative business partners
into viable and profitable companies.
This press release may contain certain statements that are not
descriptions of historical information, but are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Exchange Act of 1934. These
forward-looking statements refer to matters that involve risks and
uncertainties. Such statements reflect management's current views
and are based on certain assumptions. Actual results could
differ materially from the assumptions currently anticipated.
Contact:
Investor Relations
InternetArray, Inc.
contact@internetarray.com
About Marine Exploration Inc.:
Marine Exploration Inc, directly and with and through its joint
venture partners, is engaged in the exploration and salvage of
shipwrecks and uses innovative methods and state-of-the-art
technology to conduct extensive ocean search and recovery
operations. The Company has a subsidiary interest in Atmospheric
Water Solutions, Inc. Marine Exploration Inc. is also engaged
in identifying and engaging in other related business opportunities
for purposes of diversification and revenue generation.
www.usmarineexploration.com
www.atmosphericwatersolutions.com
Forward-Looking Statements (Marine Exploration Inc.)
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995.
Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements. Important factors currently known to management that
could cause actual results to differ materially from those in
forward-looking statements include fluctuation of operating
results, the ability to compete successfully, and the ability to
complete before-mentioned transactions. The Company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
Contact:
Mark Kabbash
markkabbash@gmail.com
SOURCE InternetArray, Inc.
