Priority Aviation Inc (OTCMKTS:PJET) reported they have settled the litigations outstanding against the firm and related parties that were brought by Marissa Welner, Daniel Weinstein and their related firms Madison LLC and Mastiff LLC. These litigations and associated counterclaims have been discontinued with prejudice.
Peter Minikes, the CEO of Priority Aviation, expressed that the settlement of these litigations enables them to go forward from an organic view. While they continued to go about their business the preceding 24 months, they didn’t get the personal fertility assistant agreement that we were thrilled about, and they were also unable to finalize any other definitive programs because of the projection that these litigations represented to prospective partners or investors. While they always considered that these litigations were without merit, he is excited that they were able to reach a final resolution.
In connection with the discontinuance and settlement of these lawsuits, the firm acknowledged no fault or liability, and paid no funds. The firm agreed to recognize earlier recorded debts of Mastiff, however with reduced conversion rates. In relation with that acknowledgement the firm announced that they had earlier raised the authorized shares of the firm’s common stock to as much as 500 million shares, with an expected imminent raise to 1 billion shares within 8 months. The firm considers that the jump is not only required as part of the settlement but required to enable it to continue to lower the derivative liabilities and debt on its books.
In the last trading session, the stock price of Priority Aviation declined more than 8% to close the day at $0.00055. The decline came at a minimal share volume as compared to average share volume of 10.74 million. Post the recent decline, the market cap of firm was noted at around $151,000.