CHEYENNE, WY / ACCESSWIRE / June 30, 2021 / CADUCEUS SOFTWARE SYSTEMS, CORP. (OTC Pink:CSOC) ('Caduceus' or the 'Company'), a publicly traded Wyoming-based holding company currently entering the recession proof Pet Food and Pet Care industry with the pending acquisition of McLovin's Pet Food, Inc. is pleased to announce it has reached an agreement to amend a Promissory Note of USD 1,707,561.
With this last settlement, Caduceus has completed the settlement of all liabilities from previous management. The initial terms of the settled debt allowed for a conversion into common shares at a price of 0.001. This Promissory Note could have potentially added 1.7 billion shares to the number of outstanding shares. The terms of the settlement were therefore to amend the conversion rate.
The Company is happy to report that as part of its reorganization efforts, the Company reached an agreement with the Debt-holder of the USD 1,707,561 Promissory Note by amending the conversion rate from USD 0.001 to USD 0.10 per common stock share subject to a blocker clause of no more than 10% of the outstanding shares. Only 17 million can now be issued from this Promissory Note. This represents a major reduction from the 1.7 billion shares and an unprecedented step to protect and create value for the Company and its shareholders. The Company wishes to extend its gratitude to the debt-holder for his confidence in our Company and our team.
'Protecting shareholder value and Balance Sheet has been a key component of our strategy. The dilutive nature of the Promissory Note was something we took into consideration early on and worked towards amending. We are happy to have finalized this agreement. The value for shareholders is clear and substantial", said Alex Chen, Chief Executive Officer of Caduceus Software Systems, Corp.
The Company has also completed the buyback and cancellation of 1,608,000,000 from the Outstanding Common Stock Shares so far this quarter. The Company received notification from its Transfer Agent about the cancellation being complete on June 29th. The Company is still finalizing further cancellations to reach its goal of up to 2B shares cancelled from the Outstanding Shares of Common Stock.
About Caduceus Software Systems, Corp.
Caduceus Software Systems Corp is a Wyoming-based holding company currently entering the recession proof Pet Food and Pet Care industry with the pending acquisition of McLovin's Pet Food, Inc. a California company specialized in the manufacturing and distribution of quality pet foods and accessories. The Pet Food and Pet Care market size was USD 207 Billion in 2020 with a stellar growth of 28.11% market. The industry is expected to grow to USD 325 Billion in 2028 at a CAGR of 5.6%. The Pet Food and Pet Care products include food, hygiene, toys, and other accessories. The Company is traded on the OTC Markets under the trading symbol 'CSOC'.
For more information:
OTC Markets: (OTC Pink: CSOC)
Corporate Website: https://caduceuscorp.co
Email: info@caduceuscorp.co
Discord: https://discord.gg/apolloassets
Twitter: https://twitter.com/caduceuscorp
About McLovin's Pet Food, Inc
McLovin's, Inc. is a California company specialized on the manufacturing and distribution of quality pet foods. We believe in real food. What you'll find in McLovin's is similar to what you'll find in your own grocery cart. In the case of our premium treats, it starts (and ends) with real beef, chicken and salmon. Our products are developed using responsible sourcing and quality is a key part of every single part of our manufacturing process.
Corporate Website: https://mclovinspetfood.com/
Forward-Looking Statements:
Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
SOURCE: Caduceus Software Systems, Corp.
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https://www.accesswire.com/653733/Caduceus-Completes-161-Billion-Share-Cancellation-17-Million-Debt-Restructuring
