Company Reduces its Total Debt by 81%
CAMPBELL, CA, Oct. 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Friendable, Inc. (OTC PINK: FDBL) is pleased to provide additional details of its most recent restructuring efforts, including the Company’s post split capitalization table, debt reduction totals and current outstanding share count, which equate to Friendable’s current market valuation. All assumptions are based on debt converted to equity, per the Company’s restructure agreement with various note holders.
“As we prepare for the future of Friendable, Inc. management feels it important to provide a high level, consolidated snap shot of the new foundation we have ultimately achieved throughout this restructure process. The below represents our new foundation, putting into perspective the significance of Friendable’s debt reductions and overall reorganization of our capitalization,” said Robert A. Rositano, Jr. CEO, Friendable, Inc.
Post Split Summary - Debt Reductions & Capitalization
(Upon Closing of the Debt Restructure Agreement)
- Total Percentage (%) of Debt Reduction= 81%- “Includes all restructured debt, litigations settlement and write offs by Company officers/vendors”
- Total Dollar ($) amount of Debt Reduction= $8,351,624
- Total Common Shares Currently Outstanding = 314,726
“These are just a few data points that point to this new foundation we have been speaking about since beginning this process of restructuring. I encourage all current shareholders, interested parties or potential new investors to visit our public filings to view some of the additional terms built in to our restructure agreement, as I believe these are all key elements to realizing our future success, including volume limitations on the sale of shares by debtholders moving forward,” continued Rositano, Jr.
“Management’s continued focus on restructuring debt, developing new products and preparing strategies that we believe will open doors to new revenue opportunities, has really come together. We are fortunate to have landed on a mutually beneficial structure that we believe benefits the shareholders, investors and the Company,” concluded Robert A. Rositano, Jr. CEO, Friendable, Inc.
About Friendable, Inc.
Friendable, Inc.is a mobile focused technology and marketing company, connecting and engaging users through two distinctly branded applications:
The Friendable and Fan Pass Mobile Applications.
The Company initially released its flagship product Friendable, as a social application where users can create one-on-one or group-style meetups. In 2019 the Company released its new version of Friendable with a focus on dating and building subscription based revenue, starting with its existing and historical database of approximately 900,000 registered users.
Fan Pass is the Company’s newest app/brand, scheduled for release in 2019. Fan Pass believes in connecting Fans of their favorite celebrity or artist, to an exclusive VIP or Backstage experience, right from their smart phone or other connected devices. Fan Pass allows an artist fan base to experience something they would otherwise never have the opportunity to afford or geographically attend. The Company aims to establish both Friendable and Fan Pass as premier brands and mobile platforms that are dedicated to connecting and engaging users from anywhere around the World.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Contact:
Friendable:
Phone: (855) 473-7473 Ext. 101
Email: Info@friendable.com
www.friendable.com
