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TORONTO, ONTARIO--(Marketwired - April 27, 2016) - Applied Inventions Management Corp. ("AIM" or the "Company") announces that effective April 27, 2016 (the "Closing Date") it has agreed to settle an aggregate of $645,154 of indebtedness (the "Settlement") owing to Mr. Michael Stein, a director and President of the Company, and WFE Investments Corp. ("WFE"), a company that Mr. Stein controls and directs, in exchange for the Company issuing a subordinate voting debenture in the principal amount of $343,154 to Mr. Stein (the "Subordinate Voting Debenture") and a multiple voting debenture in the principal amount of $302,000 to WFE (the "Multiple Voting Debenture, and together with the Subordinate Voting Debenture, the "Debentures"). |
