LandStar, Inc.
Announces Favorable
Restructuring of Debt and
Cancelation of Equity Line
As a result of debt restructuring
the Company's Balance Sheet will reflect
a significant reduction in the
previously reported Derivative
Liabilities - positions the Company for
continued aggressive acquisitions campaign.
RALEIGH, N.C.
-- October
4,
2018 -- InvestorsHub NewsWire -- LandStar, Inc.
(OTCPK:
LDSR) ("LandStar" or the
"Company"), the parent company of Data443 Risk
Mitigation, Inc. ("Data443"), a
leading data security and privacy
company,
announced
the completion of joint efforts with finance partner Blue
Citi LLC ("Blue Citi")
resulting in the favorable restructuring of debt and financing
agreements..
Effective September
30th 2018 the
Company
and Blue Citi have agreed
as
follows:
- Blue Citi has
waived
the
$100,000
commitment fee (which was to
be paid in shares of
common stock) related to the
Equity
Purchase Agreement signed in
February,
2018 (the "Equity
Line").
- Mutually agreed to
cancel the Equity Line.
- Blue Citi has
restructured all of the
convertible debt
issued
to it by
the Company in 2018
($829,680),
(i)
reducing
the conversion discount from 25% down to 10%; (ii)
extending
the maturity date
of all
amounts to March 30,
2020; and, (iii) waiving
all known and unknown breaches under the prior
notes.
- Mutually agreed to
support each other to engage additional funding
partners in
furtherance
of
the Data443
business
plan, as stated in
our
recent investor conference
call.
The above agreements
will result in a reduction
very
largeof
the
derivative liability reported on the Company's balance sheet for
the period ended June 30, 2018. The Company will also benefit from
a decrease in dilution of its shareholders.
Jason Remillard,
Chief Executive Officer of LandStar and founder of
Data443, stated: "When we
entered
into our Equity Line
with Blue
Citi in February
2018,
we were in a much different position as a company.
As we
mature and demonstrate execution on our partner and product plan,
we are afforded more favorable opportunities. Our strategy
is continuing to
gain validation with
our clients, partners and the investment
community. We continue to
execute to take advantage of our
opportunity to penetrate
what's
become an emerging market in data security and privacy."
"Blue Citi has been a
great financial partner to the Company they understand our business
and our data privacy and
cyber security strategy. Together, we
continue
to work
towards
more shareholder-friendly financing
options,
which may
involve
some of our current banking and financial contacts.
The
benefits of achieving better terms are clear as the opportunities
are significant
providing
us the opportunity to grow
through
further
accretive
acquisitions, which only
strengthen Data443's
service offering for enterprises
around the world," concluded Mr. Remillard.
About LandStar,
Inc.
LandStar,
Inc. (OTCPK:
LDSR), through its
wholly owned
subsidiary Data443 Risk Mitigation,
Inc., enables secure data
across local devices, network, cloud, and databases at rest and in
flight. ClassiDocs,
the company's award-winning data classification and governance
technology, provides GDPR compliance and DSAR management coupled
with DLP, CASB, SIEM, and cloud solutions to provide user-enabled,
governance-enabled, up-to-date security for every data point, every
time. The WordPress-based GDPR Framework enables organizations of
all sizes to comply with the GDPR and other privacy frameworks.
ClassiDocs for Blockchain provides an active implementation for
blockchain transactions from inadvertent disclosure and data
leaks. For more information,
please visit www.data443.com.
Forward-Looking
Statements
The statements
contained in this release that are not historical facts are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Words such as "may," "will,"
"could," "should," "expect," "plan," "project," "intend,"
"anticipate," "believe," "estimate," "predict," "potential,"
"pursuant," "target," "continue," and similar expressions are
intended to identify such forward-looking statements. The
statements in this press release that are not historical
statements, including statements regarding LandStar's plans,
objectives, future opportunities for LandStar's services, future
financial performance and operating results and any other
statements regarding LandStar's future expectations, beliefs,
plans, objectives, financial conditions, assumptions or future
events or performance that are not historical facts, are
forward-looking statements within the meaning of the federal
securities laws. These statements are subject to numerous risks and
uncertainties, many of which are beyond LandStar's control, which
could cause actual results to differ materially from the results
expressed or implied by the statements. These risks and
uncertainties include, but are not limited to the operations
of LandStar;
results of litigation, settlements and investigations; actions by
third parties, including governmental agencies; volatility in
customer spending; global economic conditions; ability to hire and
retain personnel; loss of, or reduction in business with, key
customers; difficulty with growth and in integrating acquisitions;
product liability; cybersecurity risk; and, anti-takeover measures
in our charter documents.
Additional
information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is
contained, from time-to-time, in LandStar's filings with the
Securities and Exchange Commission and postings on the OTC Markets
news and information website. LandStar undertakes no obligation to
publicly update or revise any forward-looking statement.
Data443
and
ClassiDocs
are
registered trademarks
of Data443 Risk Mitigation, Inc.
All
product names, trademarks and registered trademarks are property of
their respective owners. All company, product and service names
used in this website are for identification purposes only. Use of
these names, trademarks and brands does not imply
endorsement.
All other trademarks cited herein are the property of
their respective owners.
For Further Information
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Contacts
Main
Press Contact:
Susan
Payne
susan.payne@data443.com
919.526.1070 Ext.
103
Investor
Relations Contact:
Matthew
Abenante
Porter, LeVay &
Rose, Inc.
data443@plrinvest.com
212.564.4700
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