Sun Pacific Holding Corp. (OTCQB: SNPW) has been made aware of what appears to be promotional activities related to the common stock of the Company. The Company was made aware of these activities by inquiry from OTC Markets Group, Inc. compliance group. On April 6, 2018, the Company put forth a press release providing a general overview of performance of the Company since the acquisition of Sun Pacific Power Corp. following the filing of the Company's Form 10-K for the year ended December 31, 2017. The promotional materials that the Company has discovered appear to simply restate the contents of our April 6, 2018 press release and do not make any statements that seem to be misleading. However, the Company, nor any of its management team, Board of Directors, third party providers or control persons, being persons holding greater than 10% of the current outstanding shares of common stock have engaged any parties for promotional services related to its common stock. Management as inquired each member of management, generally, control person and its third party service provides as to whether a) have in any way been involved, directly or indirectly, in the creation and distribution of promotional material; or b) have bought or sold securities of the Company for the past 90 days, and are satisfied that these parties have not participated in promotional activities.
Currently, the Company has engaged Bull Media Consulting, LLC for basic investor relations. However, management has been focused on building and operating the Company and investor relations activities have been limited to press releases and general responses to shareholder inquiries.
Please note that as described in our April 6, 2018 press release and Form 8-K filed on October 18, 2018, the Company extinguished all convertible notes owed by the Company when the acquisition of Sun Pacific Power Corp. was closed. The Company did assume certain liabilities of Sun Pacific Power Corp. including $275,000 of convertible promissory notes owed by Sun Pacific Power Corp. None of the holders of these notes, including the Company's Chairman and CEO, Nicholas Campanella. However, there have been no conversions related to these notes.
The Company's goal is to create and preserve value for shareholders and the Company will continue to monitor the market for the Company's common stock for abnormalities and/or additional promotional activities.
Safe Harbor and Forward-Looking Statements
This news release contains statements that involve expectations, plans or intentions (such as those relating to future expansion or financial results) and other factors discussed from time to time in the Company's OTC Markets filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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