GBT Technologies settles SURG debt disputes; SURG to pay $4.2M by Jan 7, 2022

GBT Technologies Inc.

Final Settlement Agreement dated Dec 22, 2021 resolves two lawsuits with AltCorp/Stanley over SURG APA consideration.
SURG agrees to pay $4,200,000 total to Stanley, with $3,650,000 due by Jan 7, 2022; $375,000 placed in escrow.
Escrow released to GBT if it wins a separate lawsuit (GBT Lawsuit); otherwise GBT must cover defendants' fees.
SURG acquires GBT's rights to a Master Distribution and Service Agreement (MDA) under certain conditions.
Lawsuits to be dismissed within 3 trading days after final payment; full mutual release of claims.

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