ISW Holdings Announces Elimination of More Than $2.4M (92%) of Outstanding Convertible Debt
The Agreement covers all convertible debt held by GPL and represents more than 92% of the Companys outstanding convertible debt obligations.
LAS VEGAS, April 07, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company with commercial operations in telehealth and cryptocurrency mining, is thrilled to announce that the Company has signed an agreement (the “Agreement”) with GPL Ventures (“GPL”) to eliminate over $2.4 million in convertible promissory notes.
The Agreement covers all convertible debt held by GPL and represents more than 92% of the Company’s outstanding convertible debt obligations.
“This is a huge step,” commented Alonzo Pierce, president and chairman of ISW Holdings. “We are making good on our anti-dilution pledge announced last year and taking strong action to reduce or completely eliminate toxic debt and dilution risk from the equation for our shareholders. This enormous step prevents millions of shares from coming onto the market. We were able to take this step as a direct result of strong operational performance and a significantly improved outlook ahead.”
The Company notes that all of the outstanding capital obligation to GPL was subject to conversion at a significant discount to the stock’s current trading levels, potentially followed by immediate liquidation by GPL. However, as a result of the Company’s move to eliminate the obligation, no related conversion or liquidation will take place.
The Company continues to move forward with the commitments made in its anti-dilution initiative, as announced in December 2020. Since that announcement, the Company has reduced outstanding shares by nearly 25%, reduced authorized shares by 88% down to 60 million, and eliminated over $3.4 million (or 94%) of outstanding convertible debt.
About ISW Holdings
ISW Holdings, Inc. (ISWH), based in Nevada, is a diversified portfolio company comprised of essential business lines that serve consumer product demands. Our expertise lies in strategic brand development, early growth facilitation, as well as brand identity through our proprietary procurement process. Together, with our partners, we seek to provide a structure that meets large scalability demands, as well as anticipated marketplace needs. We are able to meet these needs through a variety of strategic innovative processes. ISWH is creating and managing brands across a spectrum of disruptive industries. It maneuvers its proprietary companies through critical stages of market development, which includes conceptualization, go-to-market strategies, engineering, product integration, and distribution efficiency. The company has also partnered with a well-known software development and consulting company, Bengala Technologies LLC, which is developing significant enhancements in the supply chain management space; and the partnership has a vitally needed patent now pending.
For more information, visit www.iswholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with OTC Markets (www.otcmarkets.com).
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