Wiless Controls Eliminates Long-Term Debt as Part of Reverse Merger with Crio
May 22 2014 - 8:30AM
Marketwired
Wiless Controls Eliminates Long-Term Debt as Part of Reverse Merger
with Crio
MONTREAL, QUEBEC--(Marketwired - May 22, 2014) - Wiless Controls
Inc. (OTCQB:WILS) (the "Company") is pleased to announce that it
has converted approximately $900,000 of long-term debt of the
Company. The conversion was done at $0.30+ per share, indicating
the confidence of the debtors with the new direction of Wiless
Controls through its May 19, 2014 announcement of a reverse merger
with Crio, Inc. (www.criobru.com) of Lindon, UT.
Additionally, the Company is pleased to report that it
previously made a $135,000 payment to investment firm Asher
Enterprises, Inc., in full payment of convertible debt.
As a result of these actions, Wiless Controls becomes completely
debt free, other than negligible accounts payable, which will be
assumed by Wiless Controls as it is spun-off into a separate entity
as part of the reverse merger.
"We could not ask for a better scenario than a clean slate to
bring Crio public," commented Nick Hanson, Chairman and Co-Chief
Executive Officer of Crio, Inc. "Debtors agreeing for a conversion
at an implied market capitalization in excess of $45 million gives
us headroom for growth and demonstrates the extreme confidence that
they have in our management and business model as we roll-out our
portfolio of CrioBru products in leading retail locations
nationwide."
About Crio Inc.
Crio Inc. was built around a revolutionary new product created
by Dr. Eric Durtschi - brewed cocoa - globally recognized as a
healthy alternative to coffee. Crio is the first company to
introduce brewed cocoa to traditional retail channels - grocery
stores, coffee shops, online stores - and has established wholesale
and distributor relationships worldwide. Crio looks to capitalize
on the untapped market of brewed cocoa and its other products, as
the first alternative to coffee and tea in the $62 Billion U.S.
market.
Mission Statement
Crio Inc., a Utah corporation incorporated on October 12, 2010,
was formed to exploit innovations to the cocoa brewing process
developed by its founders and to create and develop a market for a
healthy alternative beverage to coffee and tea.
FORWARD-LOOKING STATEMENT: Except for factual statements made
herein, the information contained in this press release consists of
forward-looking statements that involve risks and uncertainties,
including the effect of changing economic conditions, competition
within the credit and security industry, customer acceptance of
products and other risks and uncertainties. Such forward-looking
statements are not guarantees of performance, Wiless Controls Inc.
and Crio Inc. results could differ materially from those contained
in such statements. These forward-looking statements speak only as
of the date of this release, and the companies undertakes no
obligation to publicly update any forward-looking statements to
reflect new information, events or circumstances after the date of
this release.
Eric DurtschiPresident &
Foundereric@criobru.com1.800.844.4010Nick HansonCo-CEO and
Chairmannick@criobru.com1.800.844.4010Justin
ElyCo-CEOjustin@criobru.com1.800.844.4010