Invicta Group Inc. Eliminates $1 Million Debt; Rescinds Tour Operator Invicta Group Inc. (OTCBB: IVGR) announced effective September 1 the company will rescind the purchase of the Tour Operator it acquired March 1, 2007.
Invicta is eliminating over $1 Million of debt it incurred in March 2007 for the acquisition of the Tour Operator. The Purchase Agreement stated: "If the audit shows a larger debt then $900,000 or the Financial Projections provided by the Selling Shareholders do not materialize over the next 9 months, the Buyer has the right to return the Corporation to the Selling Shareholders and forgive the money that was invested in the Corporation." The audit confirmed the debt exceeded $1 Million; the Corporation's Board voted to rescind the acquisition.
Invicta's goal is to remove debt and liabilities in order to have a stronger Balance Sheet in an effort to raise equity funding for future growth and additional payoff of debts.
INVICTA GROUP INC. is an Internet Media Company that specializes in the Travel and Entertainment Industry. The company has 2 subsidiaries that both use the Internet as their key media to generate revenues: Travel Hot Link sells its Internet database of 40 million travel enthusiasts to Travel Suppliers that want to promote their discounted travel products: airline tickets, hotel rooms, tour packages, cruise cabins on the Internet 24/7. The Company has recently launched www.InvictaMusic.com to diversify revenues and enter the Entertainment Industry.
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