Sanwire Files Complaint Against Intercept Music and Trillium Partners LP Seeking Return and Cancellation of Over 2,000,000,000 Sanwire’s Common Shares Plus Court-Approved Monetary Compensation

Core Viewpoint - Sanwire Corporation has filed a complaint against Intercept Music, Intercept Music Group, and Trillium Partners for breaches related to an acquisition agreement and seeks various forms of relief including the return of shares and financial compensation [1][4][5]. Group 1: Background of the Complaint - Sanwire entered into an acquisition agreement with Intercept Music on March 5, 2020, purchasing its assets through the issuance of common and preferred stock [4]. - Intercept Music raised approximately $2,500,000 from selling Sanwire's common stock and issuing convertible notes between December 2020 and March 2023, with all proceeds deposited into Intercept Music's account [4]. - Sanwire remains the obligor on all convertible notes and common stock issued, despite not receiving any proceeds from these funds [4]. Group 2: Details of Financial Transactions - A $115,000 Convertible Promissory Note was negotiated between Intercept Music and Trillium on October 7, 2021, with funds wired directly to Intercept Music's account [4]. - Trillium converted $122,230.41 of the Trillium Note into 642,147,984 shares of Sanwire common stock, significantly impacting Sanwire's share price and increasing its outstanding shares to 2,901,074,406 [4]. - Trillium has requested an increase in Sanwire's authorized share capital to facilitate further conversions, which Sanwire has refused [4]. Group 3: Relief Sought by Sanwire - Sanwire seeks to unwind the acquisition agreement with Intercept Music and the return of 1,361,566,319 common shares and 8,853,000 Series C Preferred shares issued to Intercept Music insiders [4]. - The company is also requesting $250,000 in fees related to the acquisition transaction and reimbursement for the converted amount of the Trillium Note, totaling $122,230.41 plus interest [4][7]. - Additional claims include reimbursement for all expenses incurred in responding to Trillium's default judgment, including legal and accounting fees, with total expenses to be determined at trial [7]. Group 4: Company Statements - The President and CEO of Sanwire emphasized the importance of aggressively pursuing litigation for the benefit of shareholders and expressed openness to resolving issues without trial [5]. - The return of shares would enhance Sanwire's capital structure, aiding in future acquisitions and partnerships [5].