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Metrospaces Announces That it Will Not Honor Notice of Conversion for 3(a)10 Due to Potential Fraud Against the Company

NEW YORK, NY, March 09, 2018 (GLOBE NEWSWIRE) -- Metrospaces, Inc. (OTC: MSPC) announces that it won’t honor any notice of conversion for common shares for 3(a)10.

Mr. Brito, Metrospaces President and CFO stated: “Last night, after market close, our stock transfer agent notified us of the reception of a notice of conversion sent in for the issuance of common shares in respect to the 3(a)10 with CF3.   The transfer agent confirmed that no shares were available for this issue, and that therefore they would not honor this notice of conversion for common shares.   They additionally confirmed that no shares would be issued for this 3(a)10, now or in the future.   In the last week of January of this year, we were made aware by specialized advisors and counsel of the potentially fraudulent structure of this particular 3(a)10 settlement agreement, brought unwillingly to us.  We have since made the decision not to abide this settlement agreement since it is our highest conviction that the structure and much of the content is potentially fraudulent.  We are looking forward to vigorously defeating this settlement agreement in the courts, since it is our deepest conviction that we would get a judgment in our favor.  We firmly believe that this was a structure used to potentially defraud the company and its shareholders.  It is our fiduciary duty to defend the company and its shareholders against malicious players in the market, and we will honor our duties to the company and our shareholder with the utmost integrity.  The matter is currently being handled by our recently hired specialized top legal team out of NYC.  No shares have been issued, and no shares will be issued for this 3(a)10 scheme.  Any potential settlement will be cash only.”

 About Metrospaces

 Metrospaces  is a publicly traded real estate investment and Development Company which invests in real estate projects and operating companies with a strong real estate component.   It is operated by an elite group of real estate and investment professionals and entrepreneurs located in New York City, Miami and Buenos Aires. Company shareholders have extensive careers in real estate and business financing worldwide, and have funded projects both in the America’s and across Europe valued in excess of US $550Million.

Metrospaces’ majority shareholders has partnered with Investors on Elite properties including The London  BLVGARI 5 Star Hotel, Ilal del Mar (Playa del Carmen, now part of the Viceroy Chain of Hotels) and is currently involved in negotiations for the development of several Elite luxury properties in South America.

Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.

Metrospaces was originally founded by company President Oscar Brito.

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Safe Harbor Statement:

Statements in this news release may be “forward-looking statements”.  Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

Company Contact: Tel: 305-600-0407                                                  

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