BIONOVELUS ENTERS INTO SETTLEMENT AND MUTUAL RELEASE AGREEMENT AND RELATED STIPULATED JUDGMENT WITH L2 CAPITAL, LLC
Aug. 03, 2018
FOR IMMEDIATE RELEASE —Phoenix, Aug. 03, 2018 (GLOBE NEWSWIRE) -- — BioNovelus (OTC Pink: ONOV) (the “Company”) entered into a Claim Purchase Agreement on June 30, 2018 with L2 Capital, LLC (“L2”) to make payments toward certain past due debts purchased by L2. On July 18, 2018, L2 filed a complaint against the Company to collect on payment of its purchased claims totaling approximately $100,000. On July 5, 2018, the parties entered into a settlement and mutual release agreement (the “Settlement Agreement”) whereby within seven (7) calendar days approval of the Settlement Agreement by the Court, the Company would issue shares of common stock (the “Shares”) to L2 in settlement of all outstanding claims at a forty percent (40%) discount to the lowest trade price of the Company’s common stock over the immediately preceding thirty (30) days. The shares will be issued as freely trading shares under Section 3(a)(10) of the Securities Act of 1933, as amended. The Company has retained counsel to answer and defend the lawsuit.
BioNovelus is a bioscience company that honors the environment with innovative, cost effective, and disruptive technology-based solutions to crop protection, food security, and health challenges.
Media contact: Nathalie Ekobo, Marketing & Communications Director BioNovelus, Inc. +1 888-924-6668 ext.0 NEkobo@BioNovelus.com