BIONOVELUS CORRECTS RELEASE DATED AUGUST 3, 2018 AND HAS NOT ENTERED INTO ANY SETTLEMENT AGREEMENT WITH L2 CAPITAL
FOR IMMEDIATE CORRECTIVE RELEASE — Phoenix, Aug. 07, 2018 (GLOBE NEWSWIRE) -- — As previously announced, BioNovelus (ONOV) (the “Company”) did enter 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 and that on July 18, 2018, L2 filed a complaint against the Company to collect on payment of its purchased claims totaling approximately $100,000. However, notwithstanding the previous release dated August 3, 2018, the parties have not entered into a settlement and mutual release agreement as of July 5, 2018 (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 United State District Court for the District of Nevada is located at Lloyd D. George Federal Courthouse, 333 Las Vegas Blvd. South, Las Vegas, NV 89101, Telephone (702) 464-5400, Case number 2:18-cv-01317.
As the Company has retained counsel to defend the lawsuit, no Court date has been set and no settlement has been reached. Please contact Jean Ekobo at 1-888-924-6668 EXT 0, email Jekobo@bionovelus.com, if you are a shareholder and object to a proposed settlement at a forty percent (40%) discount to the lowest trade price of the Company’s common stock over the immediately preceding thirty (30) days. There would be no limit on the number of shares sold to satisfy the claims. The shares will be issued as freely trading shares under Section 3(a)(10) of the Securities Act of 1933, as amended.
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