TULSA, Okla. , Nov. 5, 2024 /PRNewswire/ -- 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 Both have withdrawn their participation in the 3(a)(10) settlement with EROP, and the company canceled all notes and other contingent liabilities associated with their respective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.
PARAGONX HOLDINGS:
ParagonX is a holding company with a portfolio of companies in construction and logistics as outlined in its respective OTC filings. The Company is a Nevada corporation and was founded in the late nineties. The Company website is www.ltbh.com.
FORWARD-LOOKING STATEMENTS:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties, and other essential factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company
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SOURCE ParagonX Holdings, Inc.
