AMITYVILLE, NY--(Marketwired - Apr 27, 2017) - Iconic Brands, Inc . (
Under the prior terms, the company's 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. This coupled with the potential to disrupt the daily flow of the market for the Company's shares has now been eliminated.
Under the agreement, the Company negotiated a final conversion into a fixed number of shares totaling four hundred and eighty two million compared to what could have potentially been billions of shares, as well received concessions of close to one hundred and twenty five thousand dollars tendered by the note holders, and all interest has ceased. This will eliminate over one million dollars in debt from the company balance sheet. Importantly, the agreement further stipulates that all shares be placed with a professional institutional broker, where using their exclusive discretion, a maximum aggregate of ten percent of the daily volume can never be exceeded.
This agreement brings finality to the ongoing discussions with these Holders and additional certainty to the capital structure such that the Company can now consolidate all assets under Iconic Brands. The Company can now more confidently negotiate any future transactions, be it mergers, acquisitions, or development of future brands and be in an easier position to become audited and fully reporting.
Mr. Richard DeCicco stated, "I am pleased to have reached a definitive and final agreement and compromise with the majority of our debt holders; it is their confidence in the longer-term value of Iconic Brands that allowed us to finalize this transaction and move forward. Corporately we have amazing developments forthcoming in the days, weeks and months ahead that I'm confident will add great value to our company."
Please visit our website and join the mailing list at and see our product availability map: Christie's appearance schedule which we will continue to update, and great new recipes; also follow us on twitter at @BellissimabyCB.
Please visit our website www.bivivodka.com to learn about the finest Sicilian Craft Vodka on the market today. Please watch the great videos with Chazz Palminteri to learn about our brand and see the map for our list of current retailers.
About Iconic Brands, Inc.
Iconic Brands Inc. ("Iconic") is a beverage company with the highest expertise of developing, from inception to completion, alcoholic beverages for itself and third parties. Iconic Brands markets and places products into national distribution through long standing industry relationships. Iconic is also a leader in "Celebrity Branding" of beverages, procuring superior and unique products from around the world and branding its products with internationally recognized celebrities. Currently offering Bivi Vodka, www.BiviVodka.com and Bellissima Prosecco, www.BellissimaProsecco.com .
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov .
Iconic Brands, Inc. Info@IconicBrandsUSA.com
