UnitedCorp Announces Debt Conversion Related to Recent Acquisition of TNW Wireless Majority of TNW Wireless debt converted to
26 March 2019 - 12:00AM
InvestorsHub NewsWire
UnitedCorp Announces Debt
Conversion Related to Recent Acquisition of TNW
Wireless
Majority of TNW Wireless debt
converted to shares in
UnitedCorp
MIAMI, FL
-- March 25, 2019 -- InvestorsHub
NewsWire -- Following the March
22, 2019
announcement by Miami-based
United American
Corp ("UnitedCorp")(OTC:
UAMA) of the finalization of its
acquisition of TNW Wireless Inc. ("TNW Wireless")
from Investel
Capital Corp (Canada) ("Investel"), UnitedCorp
announced
today
that the
majority
of TNW Wireless' debt assumed as part of the
transaction will be converted into equity in UnitedCorp.
The transaction
will
convert a
CD $2.1 million promissory note held by RuralCom Capital
Corporation ("RCAP"), plus accrued
interest
into common
shares of UnitedCorp at a conversion rate of US 0.15 per
share for
a total issuance to RCAP of 11,500,000 shares.
Kyle
Stevenson,
President of RuralCom Capital Corporation, stated, "The conversion of our
promissory note is a reflection of the high level of confidence we
have in TNW Wireless and UnitedCorp,
the accomplishments of their management in
the past 2 years
and the go
forward plan for TNW Wireless. We also feel very positive about the
overall future of its parent company, United American
Corp, and so we believe this is
a good
transaction for RuralCom Capital
Corp's shareholders."
The remaining $400,000
promissory note is held by a private Canadian equity firm and is
due in December 2019.
The acquisition is subject to
final regulatory approval and all necessary submissions have
already been undertaken.
About United
American Corp
Established in 1992, United
American Corp is a Florida-based development and management company
focusing on telecommunications and information technologies. The
company currently holds the rights to manage a portfolio of patents
and proprietary technology in telecommunications, social media and
Blockchain technology, and owns and operates the BlockchainDomes
which are designed to provide heat for agricultural operations
using computer equipment in naturally cooled data centers where
efficiency and low-cost operations are a priority.
About TNW
Wireless Inc.
TNW Wireless is a licensed
wireless operator for wholesale and retail services in
Canada and
a wholly-owned subsidiary of United American Corp pending the acquisition by
UnitedCorp. The company currently holds 25MHz
bandwidth tier-2 850 MHz licences and is a registered wireless
carrier. It is licensed to provide
communication services to the Northwest region of Canada and can
provide global communication services through its proprietary iPCS
Smartphone-over-IP technology.
This news release
contains forward-looking statements that are subject to various
risks and uncertainties. The Company's actual results could differ
materially from those anticipated in such forward-looking
statements as a result of numerous factors that may be beyond the
Company's control. Forward-looking statements are based on the
expectations and opinions of the Company's management on the date
the statements are made, and the Company assumes no obligation to
update forward-looking statements should circumstances in
management's expectations or opinions change.
Source:
United American Corp
Contact:
Jenna Trevor-Deutsch
Director, Investor Relations
investorrelations@unitedcorp.com
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