Avalanche International, Corp. Receives Notice of Default
July 25, 2019 at 04:30 pm EDT
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Avalanche International, Corp. announced on July 19, 2019, the Company received a notice of default and election to accelerate from the Investor informing the Company that it has failed to make the interest payment due on or prior to July 17, 2019, which constitutes an Event of Default pursuant to the Note. Furthermore, the Notice asserts that the Company has failed to file a Registration Statement within ninety (90) days of the closing date of April 11, 2019. Accordingly, the Investor has elected to accelerate the amount due under the Note pursuant to Section 7(b) thereof. The Investor has demanded the immediate payment of $4,021,875.00, which includes a mandatory default amount, late fees and accrued and unpaid interest. In addition, as a result of the Event of Default and the acceleration of the indebtedness under the Note, commencing on July 26, 2019, default interest will begin to accrue on the Note pursuant to Section 7(b) thereof. Upon its receipt of the Notice from the Investor, the Company commenced attempting to reach a negotiated settlement with the Investor and remains in discussions with the Investor to do so. The Company hopes to continue to work with the Investor to settle its obligations under the Note. The Company intends to vigorously defend its position should a mutually amicable resolution prove unattainable.
Avalanche International, Corp. is a holding company, which is focused on the commercialization of Multiplexed Laser Surface Enhancement (MSLE). The Companyâs subsidiaries include MTIX Ltd and Restaurant Capital Group, LLC. MTIX Ltd is an advanced materials and processing technology company. MTIX Ltd has developed an environmentally friendly material synthesis technology for textile applications. Its MLSE technology utilizes a combined high-power pulsed ultraviolet (UV) laser and high frequency electrical discharge plasma. Its Multiplexed Laser Surface Enhancement technology treats both natural and synthetic textiles for a variety of functionalities, including dyeability and printing enhancements, hydrophilicity, hydrophobicity, fire retardancy and anti-microbial properties. RESTAURANT CAPITAL GROUP, LLC provides business capital resources, financial structuring, business development, and marketing and other consultation services to the boutique restaurant and hospitality sectors.