SAN FRANCISCO, Oct. 5, 2012 /PRNewswire/ -- Concierge Technologies, Inc. (OTCBB: "CNCG") today announced that a significant portion of its debt has been converted to equity. Gonzalez & Kim, a San Francisco-based consulting firm, has exercised their rights to convert the outstanding principal and accrued interest to equity under the terms of a $100,000 convertible debenture that was funded in September 2010. Concierge issued 560,000 shares of its Series B Convertible, Voting, Preferred stock in settlement of the debenture. The Series B stock can be converted, after 270 days from the date of issuance, to common stock in a ratio of 1:20. Each share of Series B stock is entitled to 20 votes on all matters that come before the shareholders of Concierge.
David Neibert, CEO of Concierge, commented, "The election by Gonzalez & Kim to convert their debenture to equity is more than an elimination of debt, it's also a vote of confidence in the business of Concierge. Concierge, through its majority owned subsidiary Wireless Village, www.januscam.com, has been making tremendous progress in the field of mobile incident reporting and Gonzalez & Kim are obviously optimistic about the Company's future prospects."
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of our future performance, acquisitions or dispositions of interests, debt obligations, additional financing requirements, the effect of economic conditions generally and in the communications and information technology markets specifically, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected. Concierge Technologies annual filing of Form 10K is due on or before October 15, 2012.
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SOURCE Concierge Technologies, Inc.