Pharmagreen Removes Convertible Debt From Its Balance Sheet
Carson City, Nevada--(Newsfile Corp. - March 23, 2021) - Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to announce that it has signed a settlement agreement with one of the convertible note lenders to cease and desist any future conversions and considers this matter closed going forward. The settlement agreement was submitted to the SDNY courts for immediate dismissal of the proceeding and was so ordered. The company filed an 8-K on March 22, 2021.
Additionally the company is happy to report, except for two, the other convertible note lenders have converted their positions in full and also have no more conversions to be made and therefore removed the derivative debt of over $600,000 in convertible debts from the Company's balance sheet. The remainder two notes the company will pay back as loans.
The company can now focus on the funding required for its projects and increasing shareholder value. "The end of conversions including some cash repayments of these notes are a significant achievement for the Company, and we are thankful that one of our remaining lenders agreed that a settlement agreement would benefit the Company and its growth initiatives. The completion of most of the debt repayment and end of conversions improves our balance sheet and was one of the critical next steps in our strategic plan as we continue working towards completing our funding requirements. We have already received increased inquiries by larger mid-tier firms that understand the value of the repayments of the existing convertible debt into a long-term structure, and we are optimistic for support of Pharmagreen's growth initiatives in the hemp industry and beyond," states CEO Peter Wojcik.
About Pharmagreen Biotech Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTC PINKS: PHBI) company. Pharmagreen is a company focused on the CBD hemp industry for the production and supply of starter plantlets through a proprietary tissue culture process with the opportunity to become one of the largest players globally. Pharmagreen's mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same plantlets to CBD hemp farmers and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using tissue cultures in low temperature storage for all plant species; extraction of botanical oils mainly CBD oil, and to deliver laboratory based services to the North American Cannabis and agriculture sectors. For further information on the company please visit www.pharmagreen.ca
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The OTC Markets or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78261