According to the statement, the debt settlement transaction was completed through the issuance of near 3.48-million shares in the capital of the company at a deemed price of $0.055 per share in full and final satisfaction of $191,160.37.

The debt settlement transaction was completed in order to preserve funds for the company's operations and improve its balance sheet, it added.

Shares of the company closed unchanged at $0.045 on Friday.

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