Technology and software development company RAADR, Inc. reached a settlement agreement with Typenex Co- Investment, LLC., the company announced.
RAADR previously sold and issued Typenex a promissory note on Nov. 23, 2015, for an original principal amount of $280,000.00 pursuant to a securities purchase agreement between both companies on the same date.
RAADR and Typenex entered into a note settlement agreement dated March 8, 2021, to completely settle the obligations owed under the promissory note and the purchase agreement, the release said.
Pursuant to the settlement agreement, Typenex has given RAADR a conversion notice whereby RAADR is required to issue to Typenex eighty-eight million shares of common stock in full settlement of the promissory note.
“It is my goal to eliminate the old convertible debt in RAADR this year. Announcing this settlement agreement is a perfect example of that. We will continue to negotiate with lenders to eliminate debt,” CEO Jacob DiMartino said.