3/29 News : Aged Debt Cleanup, Authorized Common Stock Reduction
PHOENIX, AZ, March 29, 2018 (GLOBE NEWSWIRE) -- No Borders, Inc. (OTC: NBDR) has successfully negotiated an increase in the conversion rate with its only remaining pre-merger external note holder; whereby the note holder converted 100% of its outstanding balance and all accrued interest at a higher price than the convertible note was originally structured to convert at. This renegotiation of the conversion price and the elimination of the note will prevent the future dilution of the company and allow for the company to clear this debt off its books and move forward anew.
In addition to the aforementioned debt, Lannister Holdings, Inc. has purchased all of the remaining pre-merger convertible notes owed by No Borders, Inc. and has converted them into new restricted common stock equal to only the cash amount paid by Lannister Holdings, Inc. for the notes as opposed to at face value plus interest, which represents a significant savings and reduction in dilution for the common shareholders of No Borders, Inc. This restricted conversion serves to complete the elimination of all pre-merger debt, align shareholder interests by making Lannister Holdings, Inc.’s stockholders common stockholders in No Borders, Inc. (OTC: NBDR) and prevent these notes from having future dilution impacts on the company.
"We are committed to moving this company forward without these old debts hanging over the heads of our investors," said Cynthia Tanabe, COO of No Borders, Inc. "We strive to move forward as a fiscally conservative company, committed to achieving profitable growth."
As there are no major dilution events planned and the entirety of the pre-merger convertible debt has been eliminated, the board of directors of No Borders, Inc. has voted to reduce the authorized common stock share amount from 1,880,000,000 to 750,000,000.
At the Camby Hotel in Phoenix, March 22, 2018, The Arizona Tech Innovation Summit hosted a speech by Arizona Governor Doug Ducey. In it, he praised the burgeoning presence of blockchain technologies in the Fintech space, “Blockchain technology is the latest arena where Arizona is going to take the lead and we are going to be the first state in the nation to truly embrace it,” the governor said. In addition, he mentioned the progress being made in the legislation regarding state investment into blockchain certification programs located in several universities around the state.
With the passing of bill H.B. 2434, Governor Ducey has officially opened the door for Arizona companies looking to utilize blockchain in all its forms, placing emphasis on further blockchain technology development. This is especially good news for Lannister Holdings, Inc.'s (OTC: NBDR) plans for blockchain development and technology testing within the real estate finance and other industries by introducing blockchain into the business systems and processes of these industries. This bill is important to our operations as it opens the door to executing legal contracts in Arizona with blockchain technology. With government support and continued legislation, it is increasingly hopeful that our ideas, as well as other businesses looking to implement blockchain, will find decisive success in their revolutionary endeavors.