UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For February 19, 2016
Commission File Number: 000-52311
PLAY LA INC.
20 Mount Clapham, St. Michael, Barbados, BB 14005
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): No [X] Yes
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): No [X] Yes
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR
As used in this current report and unless otherwise indicated, the terms "we", "us" and "our" refer to Play LA Inc. Unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock.
Press Release
Play LA Inc. announces that it has reached a settlement agreement with Chelten Limited, under the terms of four Promissory Notes, which were in default. The Company has agreed to transfer it’s websites, which were pledged collateral as part of a General Security Agreement dated April 16th, 2011, to Chelten Limited, in exchange for a reduction in Play LA Inc.’s indebtedness to Chelten Limited. The resulting effect is that Play LA Inc. reverts to shell company status as defined under Securities Act Rule 405 and Exchange Act Rule 12b-2.
Exhibits.
The following exhibits are being furnished as part of this Report.
Exhibit | ||||
Number | Description | |||
EX-99.1 | ||||
99.1 Press release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PLAY LA INC. | |||||
Date: February 19, 2016 | By: | /s/ David Hallonquist | |||
David Hallonquist | |||||
Chief Executive Officer |
Play LA Inc. Reaches Settlement with Chelten Limited
TORTOLA, British Virgin Islands – February 19th, 2016 – (MarketWire) Play LA Inc. (OTCBB: PLLAF) ("the Company"), announces that it has reached a settlement agreement with Chelten Limited, under the terms of four Promissory Notes which were in default. The Company has agreed to transfer it’s websites, which were pledged collateral as part of a General Security Agreement dated April 16th, 2011, to Chelten Limited, in exchange for a reduction in Play LA Inc.’s indebtedness to Chelten Limited. The resulting effect is that Play LA Inc. reverts to shell company status as defined under Securities Act Rule 405 and Exchange Act Rule 12b-2.
Forward-Looking Statements:
This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.
Company Contact:
Play LA Inc.
David Hallonquist
www.playlainc.com
246-431-0493