Debt Converted at a 20% Discount Greatly Unencumbers the Company
LOS ANGELES, CA, Sept. 04, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – NUGL Inc. (NUGL), a technology and multimedia platform for the cannabis industry, is pleased to announce its noteholders have converted over 90% of the overall corporate debt at a 20% discount to the market.
“This decision by the noteholders is indicative of the confidence they have in both the management team and offerings of NUGL. The reduction also greatly liberates the Company in its growth efforts going forward,” stated Thomas Bouse, CPA, CFO of NUGL.
On August 23, 2019, the Corporation received a notice of conversion to convert an aggregate $456,716.28 in accrued principal and interest into 1,359,275 restricted common stock at the conversion price of $0.336.
“We see the tremendous opportunity in this industry and so do our investors. We continue to grow sales in print, digital, and now software as a service, and we are looking for acquisitions to expand out digital footprint into the cannabis market as well as mainstream markets. NUGL is now well-positioned to scale by acquisition via the clearance of this debt from our books,” stated CJ Melone, CEO of NUGL.
The Company recently posted its quarterly financials with an over 20% gain over the previous quarter. NUGL has now launched its Featured Profiles which has already become the fastest growing revenue producer within the company.
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Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the foregoing. Such forward-looking statements are generally qualified by terms such as: “plans”, “anticipates,” “expects,” “believes” or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information. These factors are discussed in greater detail in the company’s business plan and filings with the OTC Markets Group.