San Diego, California, June 15, 2023 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC: HMBL) is pleased to announce the following major milestones have been achieved in accordance with its comprehensive plan for company debt reduction.
One of HUMBL’s primary strategic goals for 2023 was to strengthen its balance sheet through the reduction of debt. Beginning with the Tickeri spinout, HUMBL has now successfully retired over $19,000,000 in debt since January 1, 2023.
This was accomplished in part by successfully negotiating the settlement of debts through the issuance of HUMBL shares, in many cases, at prices above the market price of the stock.
In addition to the reduction in debt, HUMBL has also now fully satisfied its $2,200,000 settlement with Forwardly, Inc. The final $440,000 installment payment of the $2,200,000 was made to Forwardly, Inc. on June 14, 2023 in full satisfaction of this obligation. The Company can now focus more of its capital on core operations and retiring remaining debt.
In an effort to minimize dilution, and reduce selling pressure on the stock, HUMBL also amended the terms of Series B preferred stock to prevent any conversions into common stock from June 2023 through September 2023. Thereafter, monthly conversion allocations are limited to only 500 Series B for each shareholder from October 2023 to June 2024.
Regarding these comprehensive debt-settlement results, HUMBL CEO Brian Foote said, “Our team has done an excellent job delivering on one of my key goals for this year, which was reducing a significant amount of our company debt. I believe this is an important step in positioning HUMBL to meet the requirements necessary for uplisting to a major exchange and appreciate our team efforts in negotiating these outcomes.”
HUMBL will be meeting with the NYSE listing department in New York later this month. HUMBL CEO Brian Foote has also been invited to do an interview with Fintech TV on the NYSE floor during the trip as well.
About HUMBL
HUMBL is a Web 3 platform with product lines including the HUMBL Wallet™, HUMBL Search Engine™, HUMBL Social™, HUMBL Tickets™, HUMBL Marketplace™ and HUMBL Authentics™.
The company also has an HBS commercial division for private sector and government clients. For more information, please visit: www.HUMBL.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. Except as may be required by law, HUMBL undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
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HUMBL, Inc.
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