MIAMI, Nov. 17, 2021 /PRNewswire/ --
Dear Shareholders,
Below please find an update on the CE, the Disclosures, and the litigation with Adar Bays.
CE: Caveat Emptor
Follow up on Caveat Emptor. We have presented to the OTC various requests for review for the removal of the CE classification on CATV. We have received a response from them regarding such request. As per their last communication, they will not release the CE at this time. OTC markets stated, "We have concerns on the investigation described in the FBI affidavit for the arrest of Dror Svorai concerning his activity in CATV. As previously stated, the company can reach out for another review after conclusion of the investigation or in six months from 8/27/21." CATV by way of Counsel is working diligently to clear up this matter as soon as possible. We will keep the shareholders informed of any updates from the OTC in reference to the CE.
Quarterly Report:
We released our Quarterly Report on November 15, 2021 for the period ending September 30, 2021. Although our initial calculations on sales for the year are not as projected or expected in the beginning of the year, we recognize that we are a new company and are working hard to continue our growth. CATV continues to operate normally, even though sales have not reached our expectations. We are following up with the retail locations that currently sell our product as we expand our reach in and out of state. Our salesforce is always available for leads into other locations. Feel free to contact our sales department for distribution opportunities at sales@canitgrow.com.
Adar Bays, LLC Litigation:
On June 11, 2021, Adar Bays, LLC, filed suit against the CATV and Michael Feldenkrais, an officer, director and majority shareholder of CATV. Adar Bays, LLC vs. 4Cable TV International, Inc.., United States District Court for the Southern District of New York, Action No. 21-CV-04628. Adar Bays includes claims that CATV is indebted to it on the outstanding notes discussed above, CATV was legally obligated to convert that Note into shares of CATV and CATV is liable for expectation damages. In this action, Adar had been seeking damages in the amount of $1,494,500 plus attorney fees. After negotiations, the parties have reached a settlement agreement dated as of October 28, 2021 for a conversion of the debt and a dismissal of all claims in exchange for 27 million common shares. CATV believes that this settlement with Adar Bays is in its best interest.
MASA SUPPLY:
Many have asked about Masa Supply. Masa Supply is an investor who purchased Preferred B shares. They do not have any role in the company, just an investment in CATV Preferred B shares.
CATV continues to operate normally, and business is as usual. Sales have not reached our expectations, however, we are following up with the retail locations that currently sell our product as we expand our reach in and out of state. Our salesforce is always available for leads into other locations. Feel free to contact our sales department for distribution opportunities at sales@canitgrow.com.
WEBSITES:
All our websites are constantly being monitored and any suggestions are greatly appreciated. Please contact julien@canitindustries.com with all your suggestions.
Thank you for your support,
Michael Feldenkrais, CEO
4Cable TV International, Inc. (OTC: CATV) is determined to become a fully integrated Global CBD/Hemp business from seed to sale.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding 4Cable TV International's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see CATV's OTC Market filings.
833 211-3200
info@4cabletvint.com
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SOURCE 4Cable TV International, Inc.
