WBSI Solid, Actual Activity And…NEWS Out! Could Be A Great Week!
This morning we sent you our report on WebSafety (WBSI), the leading provider of Parental Control applications for mobile devices that prevent texting, emailing and web browsing while driving, incidents of cyber-bullying as well as explicit or degrading texting, sexting issues and unlawful Internet behavior such as cyber-predators.
The mobile software works on all of the major wireless operating systems, including Android, Blackberry and Symbian, and on all four of the major wireless carriers in the United States and the three wireless networks in Canada.
Jul 9, 2012 - Newport Beach, CA - Rowland W. Day II, CEO of WebSafety, Inc., announced that WebSafety had settled the lawsuit that the landlord had filed against WebSafety for $75,000. This liability was listed as an “Accrued Loss Contingency” for the amount of $400,000 on the March 31, 2012 10Q.
Additionally, during the past five months WebSafety was able to convert an approximate $300,000 of liabilities into approximately 60,000,000 common shares, most of these shares were outstanding as of March 31, 2012.
Mr. Day stated that “WebSafety has substantially reduced its liabilities this year and will continue to do so. I am the largest creditor as I have continued to work without pay and loan money to WebSafety each month to meet its working capital requirements. There appears to be adequate debt and equity capital now available to finance WebSafety’s growth as we are now beginning to market the software service We are encouraged with both the direction and the interest in the software service. It clearly meets the need of the public to have a software solution that deters both cyber-bullying and distracted driving.”
WBSI was already up 20% today – make sure you’re watching WBSI throughout the week !