Valiant Eagle Inc. (OTC: PSRU) Sheds Significant Debt
Press Release | 02/23/2021
Valiant Eagle Inc. is pleased to announce that it has shed a significant portion of its convertible debt. Xavier Mitchell, CEO and significant debt holder, has agreed to forgive all of his convertible debt to increase profitability and make the balance sheet significantly more attractive.
This new initiative will be reflected in the March 31, 2021 disclosure statement filed with OTC Markets Group Inc. The approximate amount of the debt is $26,500,000.
Xavier Mitchells forgiveness of the debt owed to him will allow the company to become profitable sooner than anticipated. As a significant preferred and common shareholder, he is a direct beneficiary. Paying off the convertible debt is not only fiscally responsible, it strengthens the balance sheet and enables it to explore new initiatives to help the company increase shareholder value in 2021.
Xavier Mitchell, CEO of Valiant Eagle Inc. (OTC: PSRU), states, I have forgiven all of the debt the company owes me. This was completed to align my interests more closely with that of the common shareholders. Furthermore, this will allow us to attract more institutional investors. Our annual report for the period ending December 31, 2020, shows revenue of $1,940,799, but our interest expense was $2,079,073. With a good portion of the interest expense now eradicated, our path to profitability is more apparent. We continue to improve our capital structure to support our long-term timeline and goals, and we believe Valiant Eagle is well-positioned for growth in 2021 and beyond.
Without the burden of debt weighing on the Company, Valiant Eagle can now dedicate its energy and funds to the many projects happening under its subsidiaries like OKTV, Franchise X Entertainment, Providence Film Group, Xavier Media Group and ABA Canada.