USCorp Announces Significant Renegotiation and Reduction of Debt
April 20 2011 - 8:30AM
Business Wire
USCorp (OTCBB:USCS) today announced that it has renegotiated and
reduced its corporate debt.
Robert Dultz, Chairman and CEO of USCorp, proudly stated: “We
are no longer in default on our debentures or gold bullion loan. We
have paid down our debenture debt from $700,000 to $550,000;
negotiated a payment schedule of an additional $50,000 through
December 31, 2011; and we have renegotiated the due dates for the
remaining amounts due on the debentures and our gold bullion loan
until March 31, 2012.
“We appreciate how the holders of the convertible debenture
notes and the holders of the gold bullion loan note have supported
us and cooperated with us. We were able to secure an outcome that
was in everyone’s best interest. USCorp is now in an excellent
position to move forward toward completion of the exploration and
development plans on both the Twin Peaks project and the Picacho
Salton project,” continued Mr. Dultz.
About USCorp
USCorp is an exploration stage company with projects in
California and Arizona. Information about USCorp can be found at
the company’s website: http://uscorpnv.com.
SAFE HARBOR ACT DISCLAIMER NOTICE
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: The statements contained in this release which
are not historical facts are forward-looking statements that are
subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in or implied by
forward-looking statements. These risks and uncertainties include
the Company's entry into new commercial businesses, the risk of
obtaining financing, recruiting and retaining qualified personnel,
and other risks described in the Company's Securities and Exchange
Commission filings. The forward-looking statements in this press
release speak only as of the date hereof, and the Company disclaims
any obligation to provide updates, revisions or amendments to any
forward-looking statement to reflect changes in the Company’s
expectations or future events.
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