SMYD is also finalizing its arrangements with Stone Canyon Resources for the transfer of all of SMYD's oil and gas assets for all of Stone Canyon Resources' stockholdings (22,749,997 shares) in SMYD.
All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that SMYD believes or anticipates will or may occur in the future are forward-looking statements.
Completion of the stock exchange is subject to several conditions, including completion of the audit of AVRS' financial statements, completion of lock-up agreements from SMYD
shareholders in which these shareholders agree not to sell certain of their SMYD
shares for a one-year period, the payment of $250,000 to SMYD
shareholders holding an aggregate of 500,000 shares of SMYD
common stock, and completion of agreements from SMYD
shareholders holding an aggregate of 3,500,000 shares of SMYD
common stock in which these shareholders agree to pay to SMYD
an amount equal to $1,750,000 within 90 days of the closing of the Stock Exchange Agreement, or in the alternative, tender to SMYD
for cancellation two shares of SMYD
' s common stock for every $1 not paid.