Challenger Acquisitions Limited Company Update - Release Executed & Funds Received (5519U)
01 Aprile 2019 - 8:00AM
UK Regulatory
TIDMCHAL
RNS Number : 5519U
Challenger Acquisitions Limited
01 April 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For Immediate Release
1 April 2019
Challenger Acquisitions Limited
("Challenger" or the "Company")
Company Update - Release Executed and Additional
Funds Received
Challenger Acquisitions Limited (LSE: CHAL) announces that it
has executed a settlement agreement and general release (the
"Release") with the owners of the Starneth group of companies
("Starneth"). The Release provides for the termination of all
existing agreements between Challenger and Starneth, the transfer
of one previously pledged unit in the New York Wheel to Starneth
and the mutual release of any and all claims between the two
parties. As such, Challenger now holds two equity units in the New
York Wheel Project.
Challenger also announces that it has received a further
US$51,500 (US$50,000 principal plus interest) pursuant to an
agreement with the developers of the wheel project in Dallas, Texas
to sell its US$300,000 investment in this project back to the
Developers. This is the third of six scheduled payments.
The Company has also received another GBP15,000 from the owner
of Star Sanctum that was originally scheduled to be received on 30
April 2019. This is the third of four scheduled payments.
Mark Gustafson, Challenger's Chief Executive Officer, stated,
"These three developments help us to continue to improve our
balance sheet whilst we continue to broaden our search for a
suitable project for Challenger. Furthermore, the completion of the
executed Release has allowed us to remove a 1.25 million Euro
liability that has been on our balance sheet since 2017 which is an
extremely positive development."
This announcement contains inside information.
**ENDS**
For more information visit www.challengeracquisitions.com or
enquire to:
Challenger Acquisitions Limited
Mark Gustafson +1 604 454 8677
St Brides Partners Ltd (PR)
Cosima Akerman +44 (0) 20 7236 1177
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END
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