Henderson, NV, Nov. 21, 2022 (GLOBE NEWSWIRE) -- George Sharp, CEO of Forwardly, Inc. (OTCMKT: FORW), provided the following update to the company’s shareholders.
On December 10, 2020, Forwardly, Inc. (“the Company”) announced that it had acquired a warrant in Tesoro Enterprises, Inc., now known as HUMBL Inc. On November 19, 2021, the Company announced that it had borrowed $2 million in non-dilutive financing from its CEO in order to partially exercise that warrant and obtain 10 million warrant shares of HUMBL. As of November 15, 2022, $1.4 million of the principal remained unpaid on that loan from the CEO.
On November 15, 2022, the Company entered into a Settlement Agreement and Mutual Release of Claims with HUMBL, under which HUMBL has agreed to pay Forwardly $2,200,000 (“the Settlement Amount”) in five equal monthly payments of $440,000 commencing November 15, 2022 and ending on March 15, 2023. The Settlement Amount is designed to refund both the purchase price of the warrant and the exercise price of the 10 million warrant shares. Under the Agreement, the Company shall retain the 10 million shares exercised under the Warrant in lieu of interest that may have been due on the total $2,200,000 it paid to HUMBL and shall return the balance of the Warrant to HUMBL for cancellation upon receipt of the Settlement Amount in total.
The Company shall not comment on the circumstances which led to the Settlement Agreement, nor any reference to Charger Corporation and the Company’s former consultant, Louis Sapi, within that Agreement.
The Company continues to wish HUMBL well in all its endeavors and it is the Company’s opinion that HUMBL is led by world-class, blockchain talent. As the Company is not an investment advisor, this opinion should not be construed to be a recommendation of HUMBL as an investment.
The returned funds shall partially be used to complete the repayment of the loan to the Company by the CEO.
About Forwardly, Inc.
Forwardly is an opportunity investor seeking to partner in fresh ideas. The company is headed by George Sharp, a longtime whistleblower, advocate against microcap fraud, and defender of shareholder rights. In addition to his continued participation in these activities, Mr. Sharp consults to public companies, attorneys and those associated with the financial markets. He is also a former consultant to OTC Markets Group, Inc. Further information about Forwardly, Inc. can be obtained through its website at www.ForwardlyPlaced.com
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
CONTACT:
Forwardly, Inc.
3535 Executive Terminal Drive
Suite 110
Henderson, NV 89052
702-840-4433
