VANCOUVER, British Columbia, Dec. 4, 2013 (GLOBE NEWSWIRE) -- Olie Inc. (OTCQB:OLIE) President, Robert Gardner, is pleased to announce that further to Olie Inc.'s investment from Hi Score Corporation announced November 15th, 2013, Olie Inc. will be receiving another investment of $150,000 in Convertible Preferred Stock, this time from Telecorp Inc. This represents 60,000 restricted shares, priced at $2.50 per share, convertible at par value upon maturity. Telecorp Inc. is trading on the OTC (PINKSHEETS:TLNUF).
Robert Gardner states, "Telecorp Inc. will be pursuing a full audit before filing a Form 10 with the SEC to become a reporting issuer. We will, as is our custom, obtain an independent valuation on the securities so that we can assess the face value and convertible value, should we wish to exercise the option in the future to convert this security upon maturity. This investment again allows us to book the transaction on our balance sheet, and accordingly follow our mandate of building our net stock holders equity."
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.