New York, NY – June 20, 2013
Wave True, Inc. (OTC Pink: PRTK.Q) formerly known as WaveTrue, Inc. announced today that its Plan of Reorganization (Plan) from Chapter 11 bankruptcy proceedings became effective on May 22, 2013.
Pursuant to the Plan, new investors have made cash investments exchange for 80% of the stock in the reorganized corporation. The unsecured creditors will receive an aggregate of 10% of the stock in the reorganized corporation. Existing shareholders of WaveTrue will retain an aggregate of 10% of the stock in the reorganized corporation.
Shareholders of WaveTrue are cautioned that the existing price of their shares as reflected in market quotations may not reflect the changes in ownership described above.
Professionals assisting the Company during the Chapter 11 process have been partially been paid in cash and have accepted the Company’s notes for the balance of their fees and expenses.
With the Plan of Reorganization the Company’s New Board of Directors has elected new executive management. The current members of management are shown below.
Ron Floit CEO
John DeWees President