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Posted On: 04/20/2017 3:30:58 PM
Post# of 3333
**Debt arrangement details from Ryan**
Yes it did not mention the debt settlement. I requested a statement from the company on the debt settlement to update the shareholders. I am sorry this took a couple days. It was out of my hands. The statement is as follows:
The company has entered into definitive settlement agreement representing over 80% of the company’s note-holders and continues negotiations with one remaining holder. Under the previous terms the existing debt could have converted into an unknown and potentially exorbitant amount of common shares and interest would have continued to accrue at a relatively rapid rate, under the terms there is now a fixed and final conversion totalling four hundred and eighty two million shares compared to what could have been billions, as important the agreement further stipulates that the shares be placed with a professional institutional broker where, using their exclusive discretion a maximum of ten percent of the daily volume can never be exceeded. This agreement brings finality , reduces over $900,000 of company debt, brings certainly to the capital structure allowing for consolidation of all assets under Iconic Brands, and giving the ability to more confidently negotiate future transactions, be it mergers, acquisitions, or development of future brands as well proceed with audits to become fully reporting
Yes it did not mention the debt settlement. I requested a statement from the company on the debt settlement to update the shareholders. I am sorry this took a couple days. It was out of my hands. The statement is as follows:
The company has entered into definitive settlement agreement representing over 80% of the company’s note-holders and continues negotiations with one remaining holder. Under the previous terms the existing debt could have converted into an unknown and potentially exorbitant amount of common shares and interest would have continued to accrue at a relatively rapid rate, under the terms there is now a fixed and final conversion totalling four hundred and eighty two million shares compared to what could have been billions, as important the agreement further stipulates that the shares be placed with a professional institutional broker where, using their exclusive discretion a maximum of ten percent of the daily volume can never be exceeded. This agreement brings finality , reduces over $900,000 of company debt, brings certainly to the capital structure allowing for consolidation of all assets under Iconic Brands, and giving the ability to more confidently negotiate future transactions, be it mergers, acquisitions, or development of future brands as well proceed with audits to become fully reporting
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