$Hispanica International, Inc. Repays Convertible
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Posted On: 11/07/2017 9:01:07 AM
$Hispanica International, Inc. Repays Convertible Debt
http://www.otcmarkets.com/stock/HISP/news/His...42&b=y
Company Satisfies Obligations of Outstanding Convertible Debt to Two Institutional Investors, Avoiding Dilution to Stockholders
NEW YORK, New York, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Hispanica International, Inc. (OTCQB: HISP) (“Hispanica” or the “Company”), a brand accelerator company focused on exotic brands in the alternative beverage and snack industry, announced today that it has repaid and satisfied its obligations under its convertible promissory notes (the “Notes”) to two of its institutional investors, Anson Funds and Black Bridge Capital. Hispanica issued the Notes last year in the original principal amount of $605,000, which provided the holders of the Notes with the right to convert the Notes into shares of Hispanica common stock at a price(s) that would have been determined based upon the trading price of the Company’s stock during the period immediately prior to conversion. Pursuant to the terms of the Notes, the Company had the right, at its option, to repay all outstanding obligations under the Notes. On October 5, 2017 and November 6, 2017 respectively, the Company made payments to the holders of the Notes equal to $698,747.26. As a result, the Notes have been satisfied in full along with the Company canceling 1,100,000 shares of the Company’s common stock that were issued to one of the funds in conjunction with a Note that was purchased last year.
“We are very pleased to announce that we have repaid these convertible debt obligations, which avoids additional dilution to our stockholders that would have occurred if these Notes had been allowed to be converted into the Company’s common shares,” said Fernando Oswaldo Leonzo, Chairman and Chief Executive Officer of Hispanica. “We have made great strides in growing our business and brands, and our revenues bear this out. Repaying these convertible debt obligations is a substantial step forward for Hispanica, and it represents our ability to control the dilutive effect of our financing arrangements.”
Additional Information can be found in the Company’s SEC Filings.
About Hispanica International, Inc.
Hispanic is a public company founded in 2013. Formed as an ethnic food and beverage company, Hispanica has leveraged innovation to re-shift its focus into a brand accelerator with the goal of expanding it all-natural exotic flavor portfolio of companies. The Hispanica accelerator company backs beverage/snack companies, which it can acquire, by building a proprietary distribution platform to enhance its own brands and position them for mass market entry. Hispanica is headquartered in New York and currently has distribution operations in New York City Tri-State Region, Washington DC Metro Area, as well as in Los Angeles and the Northern California Region.
For more information on Hispanica please visit http://www.hispanicadelights.com
SAFE HARBOR ACT
Forward-Looking Statements: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Hispanica its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements including those relating to the Company’s financing being adequate for the Company to close this acquisition, being able to place its products in the retail stores, to launch its growth and expansion plans among others, are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Hispanica, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. No information in this press release, including the repayment of the Notes, should be construed in any way whatsoever as an indication of Hispanica’s future revenues, financial performance or stock price. More information about the potential factors that could affect the business and financial results is and will be included in Hispanica’s filings with the Securities and Exchange Commission at www.sec.gov.
Investors and Corporate Relations
Please Contact: corporaterelations@hidainc.com
info@hidainc.com
1(866) 928-5070
Copyright © 2017 GlobeNewswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
http://www.otcmarkets.com/stock/HISP/news/His...42&b=y
Company Satisfies Obligations of Outstanding Convertible Debt to Two Institutional Investors, Avoiding Dilution to Stockholders
NEW YORK, New York, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Hispanica International, Inc. (OTCQB: HISP) (“Hispanica” or the “Company”), a brand accelerator company focused on exotic brands in the alternative beverage and snack industry, announced today that it has repaid and satisfied its obligations under its convertible promissory notes (the “Notes”) to two of its institutional investors, Anson Funds and Black Bridge Capital. Hispanica issued the Notes last year in the original principal amount of $605,000, which provided the holders of the Notes with the right to convert the Notes into shares of Hispanica common stock at a price(s) that would have been determined based upon the trading price of the Company’s stock during the period immediately prior to conversion. Pursuant to the terms of the Notes, the Company had the right, at its option, to repay all outstanding obligations under the Notes. On October 5, 2017 and November 6, 2017 respectively, the Company made payments to the holders of the Notes equal to $698,747.26. As a result, the Notes have been satisfied in full along with the Company canceling 1,100,000 shares of the Company’s common stock that were issued to one of the funds in conjunction with a Note that was purchased last year.
“We are very pleased to announce that we have repaid these convertible debt obligations, which avoids additional dilution to our stockholders that would have occurred if these Notes had been allowed to be converted into the Company’s common shares,” said Fernando Oswaldo Leonzo, Chairman and Chief Executive Officer of Hispanica. “We have made great strides in growing our business and brands, and our revenues bear this out. Repaying these convertible debt obligations is a substantial step forward for Hispanica, and it represents our ability to control the dilutive effect of our financing arrangements.”
Additional Information can be found in the Company’s SEC Filings.
About Hispanica International, Inc.
Hispanic is a public company founded in 2013. Formed as an ethnic food and beverage company, Hispanica has leveraged innovation to re-shift its focus into a brand accelerator with the goal of expanding it all-natural exotic flavor portfolio of companies. The Hispanica accelerator company backs beverage/snack companies, which it can acquire, by building a proprietary distribution platform to enhance its own brands and position them for mass market entry. Hispanica is headquartered in New York and currently has distribution operations in New York City Tri-State Region, Washington DC Metro Area, as well as in Los Angeles and the Northern California Region.
For more information on Hispanica please visit http://www.hispanicadelights.com
SAFE HARBOR ACT
Forward-Looking Statements: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Hispanica its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements including those relating to the Company’s financing being adequate for the Company to close this acquisition, being able to place its products in the retail stores, to launch its growth and expansion plans among others, are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Hispanica, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. No information in this press release, including the repayment of the Notes, should be construed in any way whatsoever as an indication of Hispanica’s future revenues, financial performance or stock price. More information about the potential factors that could affect the business and financial results is and will be included in Hispanica’s filings with the Securities and Exchange Commission at www.sec.gov.
Investors and Corporate Relations
Please Contact: corporaterelations@hidainc.com
info@hidainc.com
1(866) 928-5070
Copyright © 2017 GlobeNewswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
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