ParagonX Holdings, Inc. (OTC:CAVR) – ParagonX Holdings, Inc. provided the following update to shareholders on its transformation of the company:
- Caprino Management, LLC continues to manage the company's transformation and is evaluating acquisition opportunities.
- The company announced it had entered into agreements to divest Canary Travel and AV Rover. Both have withdrawn their participation in the 3(a)(10) settlement with EROP, and the company canceled all notes and other contingent liabilities associated with their respective purchase agreements.
- The company is negotiating with remaining creditors, including two of the largest convertible note holders, to restructure its debt in a shareholder-favorable manner and bring these debts out of default.
- The company continued to reduce its debt obligations.
- The company has entered into a letter of intent with an entity that would be accretive to the company upon closing.
"We're filing the appropriate disclosures and documents to bring the company back into compliance with OTC Markets; we've put the company in a much better position by dramatically reducing the 3(1)(10) obligation to EROP, we're negotiating with all note holders, and we are seeing revenue growth in our remaining operations." Joe Caprino, President of Caprino Management and Acting CEO of ParagonX Holdings, Inc.
"With all of the work Joe Caprino has done, we are heading to our goal of being able to be in a position to support our operations, make acquisitions, and improve enterprise value," said Kevin V. Cox – Chairman of the Board.
