APT MotoVox Group Inc. (MTVX)

[PennyHeaven7]

All these past debts have already been addressed & in FACT will be taken care of very shortly, the following is taken from the July 23 shareholder update: ENJOY $$$$$$$$$$$$$$$$$$$

Second Initiative – The sale of "non-revenue" producing assets

http://ih.advfn.com/p.php?pid=nmona&article=63023848

APT has accepted an offer for the sale of certain non-core corporate assets that do not produce revenue and are not vital to operations or the Company's long term business plan. The transaction is scheduled for closing in September 2014. The proceeds are targeted for the direct retirement of debt instead of selling equity, which will result in improvements to the Q3 balance sheet, cash flow and operating expenses. The asset sale will result in a nearly 40% reduction of debt on the balance sheet. In addition, the sale of these assets will significantly reduce operating expenses.

Third Initiative – Restructure and improve the balance sheet

We have strengthened our current balance sheet through the conversion of seasoned debt to equity, with the added impact of improved cash flow. This action provided the following benefits:
1.Nearly three million dollars of debt has been removed from the Q2 balance sheet.
2.Raised immediate cash for: 1.Development and launch of new SKUs for 2014 and new SKUs for early spring of 2015
2.The testing, development and presentation of fuel systems for marine applications
3.Fees for the PCAOB Audit
4.Cash flow during off season sale months
5.Securing lower cost production financing
6.Production capital for international orders


Key impacts of the restructured balance sheet are:
1.Between $600,000 to $800,000 annual savings in interest expenses
2.A stronger balance sheet with improved performance ratios