|By PR Newswire||
|March 28, 2014 01:55 AM EDT||
COLORADO SPRINGS, Colo., March 27, 2014 /PRNewswire/ -- STL Marketing Group, Inc. (the "Company") (OTCQB: STLK) has initiated a Section 3(a)10 exchange to significantly reduce its third party liabilities. On March 19, 2014, the Company received approval from the Second Judicial Circuit in and for Leon County, Florida, for among other things, the fairness of the terms and conditions of an exchange pursuant to Section 3(a)(10) of the Securities Act of 1933, as amended, in accordance with a stipulation of settlement between STL Marketing Group, Inc., a Colorado corporation, and Tarpon Bay Partners, LLC, a Florida limited liability company. For more details please see the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 25, 2014.
"We are pleased to have this process underway, as this exchange does reduce our third party debt by approximately 90%. We understand this may be dilutive, however, we believe this significant reduction of debt will allow the Company the flexibility to raise the necessary funds and apply those funds to ensuring the execution of its business plan and maintain operations. This is an important step for the Company and its shareholders," said Jose P. Quiros, the Chief Executive Officer of STL Marketing Group, Inc.
About STL Marketing Group, Inc./ Versant Corporation
Versant Corporation is a subsidiary of STL Marketing Group, Inc. and a Colorado based renewable energy company seeking to develop and operate renewable energy projects. Its first proposed stage of development is focused on wind energy facilities in Costa Rica. For more information on STLK, please visit our web site at www.STLmarketingGroup.com or www.v3rsant.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE STL Marketing Group, Inc.