TORONTO, Feb. 20, 2014 (GLOBE NEWSWIRE) -- Epcylon Technologies, Inc. (OTCBB:PRFC) ("Epcylon" or the "Company") is pleased to announce that the Board authorized and approved the execution of six separate settlement agreements (collectively, the "Settlement Agreements"), pursuant to which the Company agreed to settle the aggregate amount of debt of $604,500.00 (collectively, the "Settlement Debt"). The satisfaction of the Settlement Debt will result in reduction of the Company's liabilities on its balance sheet in the approximate amount of $773,500.00.
In accordance with the terms and provisions of the Release Agreement, the Release Creditor agreed to release, acquit, covenant not to sue and specifically release and waive any claims or rights it may have under common law and statutory law relating to the Released Debt. The satisfaction of the Released Debt will further result in reduction of the Company's liabilities on its balance sheet in the approximate amount of $80,430.25.
The President of Epcylon Technologies, Mr. Cato Kemmler, stated, "These settlement agreements are key to our corporate restructuring process. Allowing the company to focus on business development with a clean slate is what management has been working on and will support our growth strategy."
About Epcylon Technologies, Inc.
Epcylon Technologies, Inc. invests and operates across a wide variety of industry sectors in four divisions. The Theta division specializes in the field of cross-border technology transfer by identifying suitable market verticals. The Rho division develops interactive software for use by charitable organizations and government regulated lotteries through its MOBI branded products. Under Omega SmartBuild Americas, expert knowledge in energy-efficient building envelopes is used to provide sustainable circular economy solutions within the green tech industry. The Omikron division is involved in the development of proprietary algorithmic trading systems with its Stealth brand of products, and combines all of these technologies with innovative white label financial products.
For more information, please visit: http://www.epcylon.com
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Epcylon Technologies Inc., please refer to its website at http://www.epcylon.com