$VNUE Largest Creditor Converts $963,000 Of Debt I
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Posted On: 05/17/2021 3:15:06 PM
$VNUE Largest Creditor Converts $963,000 Of Debt Into Equity
https://www.prnewswire.com/news-releases/vnue..._cleartime
NEW YORK, May 17, 2021 /PRNewswire/ -- VNUE, Inc. (OTCQB: VNUE) announced today that its largest and earliest investor, YLimit, LLC, has converted $963,000 of debt to equity. This represents a conversion by Ylimit of approximately 60% of its $1.6mm total debt. The conversion is a combination of $.014 per share for common shares, and $1.20 per share for the Company's Series A Preferred Shares.
The move significantly strengthens the Company's balance sheet and liquidity and places the Company in a much better position for its objectives, including the Company's current efforts seeking an uplisting to the OTCQB trading platform.
Importantly, YLimit becomes a long-term equity holder, and is receiving restricted shares.
Gary Blum, Managing Member of YLimit, LLC, said "YLimit was VNUE's very first investor under CEO Zach Bair's stead, and has now been invested in VNUE for exactly five years and one day. It began as a nominal $100K investment, and we have continued to provide fuel for the company throughout this time period. I have known Zach personally and professionally for over 20 years, and with his ethic and vision, this company has the best leadership that it could possibly have. This conversion is a testament to my belief in the direction of the company, and further, the trust I have in its management, especially Zach. Ylimit fully intends to hold this investment, and we look forward to the day when Soundstr is a recognized name just like ASCAP and BMI. I want what is best for this company to be successful, and uplisting to OTCQB is a critical component which will give the company greater visibility in the investment community and encourage the necessary funding capital to flow into the company so that it can properly execute on its business plans."
Bair said, "Five years ago May 16th, I became CEO of VNUE, and Gary was our first investor. He and YLimit have stuck with VNUE ever since, through thick and thin, providing the necessary funding to allow VNUE to continue to develop our products and build our Company when others shied away. YLimit's conversion into equity is a huge moment for the company, and I'm so grateful to have the confidence of Gary, and welcome him and YLimit as official shareholders."
Bair added that Blum had previously invested several of his projects over a 20+ year span, including Immediatek, which sold to Mark Cuban in 2006, and a separate technology project, patented by Bair, which is still in development.
https://www.prnewswire.com/news-releases/vnue..._cleartime
NEW YORK, May 17, 2021 /PRNewswire/ -- VNUE, Inc. (OTCQB: VNUE) announced today that its largest and earliest investor, YLimit, LLC, has converted $963,000 of debt to equity. This represents a conversion by Ylimit of approximately 60% of its $1.6mm total debt. The conversion is a combination of $.014 per share for common shares, and $1.20 per share for the Company's Series A Preferred Shares.
The move significantly strengthens the Company's balance sheet and liquidity and places the Company in a much better position for its objectives, including the Company's current efforts seeking an uplisting to the OTCQB trading platform.
Importantly, YLimit becomes a long-term equity holder, and is receiving restricted shares.
Gary Blum, Managing Member of YLimit, LLC, said "YLimit was VNUE's very first investor under CEO Zach Bair's stead, and has now been invested in VNUE for exactly five years and one day. It began as a nominal $100K investment, and we have continued to provide fuel for the company throughout this time period. I have known Zach personally and professionally for over 20 years, and with his ethic and vision, this company has the best leadership that it could possibly have. This conversion is a testament to my belief in the direction of the company, and further, the trust I have in its management, especially Zach. Ylimit fully intends to hold this investment, and we look forward to the day when Soundstr is a recognized name just like ASCAP and BMI. I want what is best for this company to be successful, and uplisting to OTCQB is a critical component which will give the company greater visibility in the investment community and encourage the necessary funding capital to flow into the company so that it can properly execute on its business plans."
Bair said, "Five years ago May 16th, I became CEO of VNUE, and Gary was our first investor. He and YLimit have stuck with VNUE ever since, through thick and thin, providing the necessary funding to allow VNUE to continue to develop our products and build our Company when others shied away. YLimit's conversion into equity is a huge moment for the company, and I'm so grateful to have the confidence of Gary, and welcome him and YLimit as official shareholders."
Bair added that Blum had previously invested several of his projects over a 20+ year span, including Immediatek, which sold to Mark Cuban in 2006, and a separate technology project, patented by Bair, which is still in development.
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