VAYK Clarifies It Has No Business Connection to Persons Under SEC Charge

Rhea-AI Summary

Vaycaychella (VAYK) has issued a clarification stating it has no material business connection with individuals charged by the SEC in September 2023. The company settled all debts with these former creditors prior to the charges, resulting in debt forgiveness of over $2.6 million and conversion of about $300,000 debt into restricted shares at $0.0073 per share.

The company has since transformed its business model by focusing on the domestic market and sold most of its old assets in June 2024 for a $320,000 profit. VAYK confirms that none of its current management or controlling shareholders are involved with or have information about these SEC charges.

Positive

• Debt reduction through forgiveness of $2.6 million
• Sale of old assets generating $320,000 profit in June 2024
• Business model transformation with domestic market focus

Negative

• Share price significantly below debt conversion price of $0.0073
• Previous connection to individuals charged by SEC may affect market perception

ATLANTA, Oct. 28, 2024 /PRNewswire/ -- Vaycaychella, Inc. (OTC Pink: VAYK) ("VAYK") management clarifies today that the company, since more than 12 months ago, has had no material business connection with certain individuals and entities ("persons") who were charged by the Securities and Exchange Commission ("SEC").

The company makes this clarification in response to multiple posts spread online in the past 24 hours, which attempt to link VAYK to charges filed by SEC against a number of persons. The charge itself was filed 12 months ago, in September 2023. 

Further, the company confirms that none of its current managers or controlling shareholders hold any material information regarding these charges, and none of them have been questioned by SEC or any other authorities with regard to these charges.

All 5 persons charged by SEC were creditors of the company. However, the company had negotiated with those creditors and settled all the debts prior to the charges were filed. Under these settlements, those creditors forgave a total amount of more than $2.6 million, and converted about $300,000 debt into VAYK restricted shares at a conversion price of $0.0073 per share. The conversion price is 1000% higher than the last closing price of VAYK.  After these settlements, none of these persons have held any debt or any other claims against VAYK, neither does the company hold any claims against them.

Some of these persons had received converted common shares of VAYK, prior to January 2022. As far as the management know, none of these persons still hold any significant amount of tradable shares of VAYK. 

The company has since significantly changed and enhanced its business model, by refocusing on domestic market, and sold most of its old assets in June 2024 for a profit of approximately $320,000.  

All the above settlements and developments have been disclosed in previous filings and news releases.

"It is interesting that a seemingly orchestrated campaign was launched against our company in the past 24 hours by spreading negative 'news'," says Stephanie Anderl, interim CEO of VAYK. "But these are not even news. Whatever these people are interested in, they are in pages already turned over. We are focusing on our current business, and will work hard to achieve greater success."

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

VAYK Contact:
Contact@Vaycaychella.com, +1 470-804-7144 

View original content:https://www.prnewswire.com/news-releases/vayk-clarifies-it-has-no-business-connection-to-persons-under-sec-charge-302288842.html

SOURCE Vaycaychella, Inc.

FAQ

What is VAYK's connection to the SEC charges filed in September 2023?

VAYK has no material business connection to the charged individuals for over 12 months, and none of its current management or controlling shareholders are involved with or have information about these charges.

How much debt did VAYK settle with the charged creditors?

VAYK settled with the creditors through debt forgiveness of over $2.6 million and conversion of about $300,000 into restricted shares at $0.0073 per share.

What profit did VAYK make from selling its old assets in June 2024?

VAYK sold most of its old assets in June 2024 for a profit of approximately $320,000.