The Board of Directors of Dalrada Corporation (OTCQB: DFCO, "Dalrada") announces that on September 23rd, it authorized the creation of 10,002 Convertible Series "G" Preferred Shares at $0.01 par value per share. The holders of shares of Series "G" Convertible Preferred Stock have the right to convert each preferred share into shares of common stock.
Dalrada's primary investors are executing agreements that allow Dalrada to move $6,532,188 of principal and interest from Liabilities to Owner's Equity as Convertible Series "G" Preferred Shares. The parties have agreed to waive penalties, interest, and default interest subsequent to September 30, 2021. The Convertible Series "G" Preferred shares will provide for the related equity to convert into common shares. The effect of this transaction will be shown on the balance sheet to be published shortly.
"As Dalrada evolves, the Company continually proves itself as an innovative business leader. Especially over the past two years amid unprecedented conditions, Dalrada achieved significant milestones. This increased awareness of Dalrada's philosophy, purpose, and ongoing mission. And with a well-established foundation, Dalrada is poised for growth."
The three divisions that compose Dalrada, Technology, Engineering, and Health, all made significant advances that increased revenues and operating profit during the fiscal year 2021. Dalrada continues its mission to provide alternative end-to-end solutions to complex problems with advances in technology, environmental sustainability & clean energy, and health & wellness.
Continuously building on its core life sciences, technology, and engineering practices, Dalrada operates under the tenet of bringing innovative products and services to a complex new world. As consumers, businesses, and governments seek alternative solutions, Dalrada's subsidiaries respond with affordable, available, accessible, and impactful innovations.
For more information on Dalrada and its subsidiaries, visit www.dalrada.com.
About Dalrada (DFCO)
With perseverance, valor, dedication, and vision, Dalrada Corporation is dedicated to tackling worldwide challenges of today and tomorrow.
Dalrada is a global company that operates under the tenet of creating impactful innovations that matter for the world. The Company works continually to produce disruptive solutions that bridge the gap of accessibility and accelerate positive change for current and future generations.
Established in 1982, the Company has since grown its footprint to include the business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Each of Dalrada's subsidiaries actively produces affordable and accessible world-class solutions to global problems. For more information, please visit www.dalrada.com.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.