Geospatial Corporation Restructures Debt with Major Shareholder
PITTSBURGH, September 19th, 2017/PRNewswire/ -- Geospatial Corporation (OTC:GSPH) announces today that it continues to take actions to improve its capital structure to support future strategic growth, and has reached an agreement with a major shareholder to restructure $1.4M of Convertible Debt.
The maturity of the note has been extended to June 1st 2018, and a floor of $0.02 has been placed on the price of conversion. The note previously had a maturity date of January 1st, 2017, and had been in default, and the conversion of the note had a floating conversion price of a 25% discount to a 10-day VWAP. David Truitt, one of the largest shareholders of GSPH, holds the note. Mr. Truitt owns approximately 38,000,000 shares, or 14% of the company’s total common stock.
“David has been very supportive of our Company for many years, and his experience as an IT entrepreneur has provided Geospatial with invaluable guidance”, said Mark Smith, the CEO of GSPH. “Simplifying our capitalization table was a priority for us this quarter, and this move signals to the market that we have long-term shareholders who see our vision of what we are trying to accomplish.” David Truitt went on to say; “the Company’s GeoUnderground software platform is ideal for managing underground infrastructure. I can see in the not-too-distant future our ability to integrate Machine Learning (MI) and Artificial Intelligence into GeoUnderground to run sophisticated analytics and infrastructure condition evaluation.”
About Geospatial Corporation
Geospatial Corporation utilizes integrated technologies to determine the accurate location and position of underground pipelines, conduits and other underground infrastructure data allowing Geospatial to create accurate three-dimensional (3D) digital maps and models of underground infrastructure. The Company manages this critical infrastructure data on its cloud-based GIS portal called GeoUnderground, our proprietary GIS platform custom designed around the Google Maps API. Our website is www.GeospatialCorporation.com.
GeoUnderground, designed around the Google Maps API, is Geospatial's cloud-based GIS platform that provides clients with a total solution to their underground and aboveground asset management needs. Geospatial is a Google Cloud – Technology Partner. Please feel free to download a free trial from this website - www.GeoUnderground.com.
Forward Looking Statements
This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those laws. These forward-looking statements, if any, are based upon a number of assumptions and estimates that are subject to significant uncertainties that involve known and unknown risks, many of which are beyond our control and are not guarantees of future performance. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in any such forward-looking statements and any such difference may be caused by risk factors listed from time to time in the Company's news releases and/or its filings or as a result of other factors.