An Additional $1 Million Also Written Off by Management and Vendors
CAMPBELL, CA, April 03, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Friendable, Inc. (OTC PINK: FDBL) is pleased to announce that the Company has entered into an agreement restructuring approximately $6.3 million of its debt with a majority of its debt holders. The Company’s management also achieved a write off of certain vendor debt as well as cert amounts owed to corporate officers, for an additional debt reduction of $1,000,000.
The debt restructuring agreement requires the Company to complete a minimum capital raise of $400,000 by December 2019, a reverse split of its shares (to meet a minimum share price of $1.00 per share – post split), along with continuing to keep Friendable, Inc. a fully reporting SEC filer. Upon meeting these requirements, the debt restructuring agreement calls for the conversion of debt into common stock, eliminating the debt as a liability on the Company’s balance sheet. Further information can be found on the Company’s report on Form 8-K filed today.
“It was a lengthy process to come to an agreement that both the Company and its debt holders could be happy with. This has proven to be a very rewarding milestone achieved by our team and I thank all of our holders for their continued efforts in seeing the agreement through to completion. I believe we have a brand new opportunity to allow Friendable, Inc. to look toward the future of value creation, with a solid foundation to build upon,” said Robert A. Rositano, Jr. CEO, Friendable, Inc.
“We have many goals to accomplish in short order and throughout the year. It’s paramount to our entire team that we perform on all aspects of our agreement, stay focused on our fund raising and continue to prepare for the release of our Fan Pass application. I want to thank all our shareholders for their unwavering support during this very delicate process. It’s time to look to the future of Friendable, Inc.,” concluded Rositano, Jr.
About Friendable, Inc.
Friendable, Inc. is a mobile focused technology and marketing company, connecting and engaging users through two distinctly branded applications:
The Friendable and Fan Pass Mobile Applications.
The Company initially released its flagship product Friendable, as a social application where users can create one-on-one or group-style meetups. In 2019 the Company released its new version of Friendable with a focus on dating and building subscription based revenue, starting with its existing and historical database of approximately 900,000 registered users.
Fan Pass is the Company’s newest app/brand, scheduled for release in 2019. Fan Pass believes in connecting Fans of their favorite celebrity or artist, to an exclusive VIP or Backstage experience, right from their smart phone or other connected devices. Fan Pass allows an artist fan base to experience something they would otherwise never have the opportunity to afford or geographically attend. The Company aims to establish both Friendable and Fan Pass as premier brands and mobile platforms that are dedicated to connecting and engaging users from anywhere around the World.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Contact: Friendable: Phone: (855) 473-7473 Ext. 101 Email: Info@friendable.com www.friendable.com
