LAS VEGAS, NV / ACCESSWIRE / July 28, 2021 / Cyber Apps World Inc. (OTC PINK:CYAP) ("Cyber Apps" or the "Company") (Cyberappsworld.com), an acquirer and developer of innovative cyber technologies with the potential for disruptive scalability and eventual spin-off success, announces that it has commenced legal action against East Capital Investments Corp ("ECI") in Nevada District Court in connection with ECI's conversion of debt into shares of Cyber Apps pursuant to a penalty clause relating to a share purchase agreement and corresponding convertible promissory note.
In May 2021, ECI converted $28,750 into 3,523,284 Free Trading shares of Cyber Apps pursuant to a penalty that resulted from a February 4, 2021 amendment to the terms of the original share purchase agreement and convertible note. Cyber Apps asked for a legal opinion from ECI's legal counsel confirming that this penalty amount complied with the resale provisions of Rule 144 of the Securities Act, but the request was ignored. ECI sold all of the shares issued pursuant to the penalty clause without any hold period.
The Company is seeking damages for its decrease in market capitalization due to the wrongful actions of ECI, as well as punitive and other damages.
About Cyber Apps World Inc.
Cyber Apps World, Inc. is a company that is dedicated to acquiring and developing a worldwide e-commerce internet platform with the purchase and sale of products and services by way of mobile/computer applications worldwide. Cyber Apps World anticipates making available to subscribers, an ever-growing list of applications and programs.
For more information go to: https://cyberappsworld.com
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. That includes the possibility that the legal action outlined in this press release cannot proceed for some reason. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Cyber Apps World, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Cyber Apps World, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
9436 W. Lake Mead Blvd.
Las Vegas, NV 89134
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SOURCE: Cyber Apps World Inc.