Visiphor Corporation (OTCBB: VISRF) (TSX-V: VIS) (XETRA: IGYA) ("Visiphor" or the "Corporation") announces today that it is seeking regulatory approval to settle $850,900 in existing debt owing to seven non-arms length parties, six of which are directors of the Corporation and the other a past director of the Corporation, which will be issued common shares with no warrants. The debt will be settled through the issuance of 8,509,000 Common Shares at $0.10 per share. The common shares will be subject to a four month hold period.
The securities will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, "US persons," as such term is defined in Regulation S promulgated under the Securities Act, except in certain transactions exempt from the registration requirements of the US Securities Act.
