National Automation Services, Inc. announced that together with Intecon, Inc., Intuitive Systems Solutions, Inc. it has settled all pending litigation and mutually agreed to end and drop all claims between them and Trafalgar Capital Specialized Investment Fund, Luxembourg, Trafalgar Capital Sarl, Trafalgar Capital Advisors (collectively, “Trafalgar Capital”) regarding all debt, equity and financing agreements and any and all existing liens, covenants, conditions and encumbrances between National Automation Services, Inc. and Trafalgar Capital.
NAS will remove all Trafalgar debt from its books, with all liens on its assets released, in exchange for a payment of $300,000 dollars in cash, a promissory note for $200,000 dollars and approximately seven million shares of restricted NAS stock.
In the same press release, NAS announced that its auditors and staff have been working diligently on completing the third quarter review and expect to have the financials posted to the SEC next week. This will bring the company’s filings current with all reporting requirements.
Bob Chance, CEO of National Automation Services, commented, “We are very pleased after two years to have reached an agreeable settlement with Trafalgar and we can now move forward with complete focus on our business plan.”
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