Notice of Lender Default on Secured Convertible Loan
April 7, 2017, IRVINE, CA – InoLife Technologies, Inc. (OTC PINK: INOL) today released a notice of lender default on a recently announced convertible loan financing.
According to recent filings, on October 26, 2016, InoLife Technologies, Inc. obtained financing in the amount of $500,000 from the F. Bertucci Family Trust. On March 24, 2017, the F. Bertucci Family Trust was notified by Inolife Technologies, Inc. that they were in default of the secured convertible loan agreement by refusing to disburse
funds which were pre-approved. As a result, all other agreements related to the loan agreement including but not limited to voting, share ownership and or board of directors are therefore null and void.
InoLife Technologies, Inc. will no longer accept any further disbursement from the F. Bertucci Family Trust, and the principal amount owed of $216,975.94 will be repaid according to the terms of the original agreement dated October 26, 2016. Per the terms of the original secured convertible loan with the F. Bertucci Family Trust caused the nomination of William Cleman, Joe Bertucci, Mark Hart, and Phillip Cortese. Because of the default, William Cleman, Joe Bertucci, Mark Hart, and Phillp Coretese nominations, respectively, ceased effective March 24, 2017.
On March 23, 2017 by a majority vote of the shareholders, Michael G. Wright is nominated as Chairman of the
Board and Kenneth J. Beam is nominated as Director. Joseph McClendon III is reconfirmed to the Board of Directors.
About Inolife Technologies Inc.
Inolife Technologies Inc. is an emerging leader of needle free injection technologies. Inolife Technologies is based in Irvine, California. The company commercializes Patented and FDA approved needle free injection devices under the trademark Inojex30. The company is also developing the next generation needle free devices and technologies
for use in various applications from Diabetes, Immunology, and Analgesia. Inolife’s products are available online at www.inojex.com and through a growing network of distributors globally.
Forward-Looking Statements: This press release contains “forward-looking statements.” Although the forwardlooking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially
different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission and
or OTC Markets Inc., including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those
expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release
Inolife Technologies Inc.