VANCOUVER, British Columbia, Dec. 2, 2013 (GLOBE NEWSWIRE) -- Olie Inc. (OTCQB:OLIE) President, Robert Gardner, is pleased to announce that it has started to negotiate a second non-affiliate debt assignment. The proposed transaction is with an undisclosed non-affiliate cash note holder in the "For The Earth Corporation" (FTEG) (PK:FTEG) to purchase and assign a nominal amount of their aged debt. Olie Inc. intends to purchase part of this matured, secured debt because of the attractive conversion privileges of the original aged note. Once the matured and secured non-affiliate debt in the "For The Earth Corporation" is acquired, Olie Inc. intends to convert that debt into common shares, through a Notice of Conversion. This it will sell or book as equity on its own balance sheet.
Robert Gardner states "Our legal team will similarly complete a due diligence process regarding the authenticity & credibility of the cash note on the issuer's financial statements, however at this juncture it appears attractive. This nominal investment for non-affiliated, matured, secured debt is a further opportunity to place value and retained earnings on our balance sheet prior to us filing to become a BDC Investment Act Company. Through this process it is also our intention to create a cash dividend for our stockholders, pending FINRA approval, by the second quarter of 2014."
Safe Harbor Statement:
This release may include "forward looking statements" within the meaning of Section 27 A of the Securities Act 1933 as amended, and Section 21 E and /or 27 E of the Securities Exchange Act of 1934, that are based on assumptions that in the future are inherently uncertain, may prove not to be accurate, and are subject to significant risks and uncertainties. These include, but are not limited to statements as to the future performance of the company, its ability to raise necessary financing, and other general economic risks and uncertainties.