NetworkNewsBreaks – Sanwire Corp. (SNWR) Retires
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Posted On: 12/01/2020 4:13:52 PM
NetworkNewsBreaks – Sanwire Corp. (SNWR) Retires $750K of Debt in Continued Enhancement of Balance Sheet
Sanwire (OTC: SNWR), focused on technologies for the entertainment industry, today announced that it has reached agreements with multiple stakeholders to reduce the company’s outstanding debt by approximately $750,000 in principal and interest. The stakeholders, representing founding members, management team and early investors of Intercept Music Inc., a 100% wholly-owned subsidiary of Sanwire, have agreed to exchange their debt for equity in the company. According to the update, the transaction will be booked in the company’s fourth quarter 2020 financial statement and posted in its year-end disclosure statement filing. “We continue to explore ways to enhance our balance sheet to attract strategic capital infusion that will expedite market penetration, expanded product/service offerings, and a broader distribution network which already includes Amazon Music, Walmart, Target iTunes, Spotify, Apple Music, Tik Tok, and many more,” said Chris Whitcomb, CEO of Sanwire. “This debt reduction is a testament of the stakeholders’ faith in Sanwire‘s vision, business plan execution and the growth we attained since March 2020.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Sanwire (OTC: SNWR), focused on technologies for the entertainment industry, today announced that it has reached agreements with multiple stakeholders to reduce the company’s outstanding debt by approximately $750,000 in principal and interest. The stakeholders, representing founding members, management team and early investors of Intercept Music Inc., a 100% wholly-owned subsidiary of Sanwire, have agreed to exchange their debt for equity in the company. According to the update, the transaction will be booked in the company’s fourth quarter 2020 financial statement and posted in its year-end disclosure statement filing. “We continue to explore ways to enhance our balance sheet to attract strategic capital infusion that will expedite market penetration, expanded product/service offerings, and a broader distribution network which already includes Amazon Music, Walmart, Target iTunes, Spotify, Apple Music, Tik Tok, and many more,” said Chris Whitcomb, CEO of Sanwire. “This debt reduction is a testament of the stakeholders’ faith in Sanwire‘s vision, business plan execution and the growth we attained since March 2020.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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