Player's Network Announces Nearly $500,000 in Convertible Notes Have Been Retired
Accesswire
June 30, 2015 1:25 PM
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Debt Holders Including KBM/ Asher, LG Capital, Typenex Have Been Completely Eliminated
LAS VEGAS, NV / ACCESSWIRE / JUNE 30, 2015 / Player's Network, Inc. (OTC: PNTV), a vertically integrated, diversified, fully reporting public company operating two complimentary portfolios of Media and Cultivation, Production & Licensing of products relating to Medical Marijuana, announced today that the company has reduced its debt and paid off; KBM / Asher $200,400, Typenex $104,000, LG Capital $50,000. Other positions reduced include WCH $60,000, Group 10 $30,000, Tangiers $47,000, for a total of $491,000. This was accomplished by the payment of $146,400 cash and the balance through conversions over the last 3 months.
C.E.O. of Player's Network, Mark Bradley noted, "Entering into convertible debt agreements with lenders was necessary to obtain capital that advanced the operations of the Company. Many of these lenders have become great partners believing in our plan and the long-term growth of the Company. Unfortunately, some lenders dramatically misrepresented their intention in order to acquire our account. We have taken action to retire these lenders to lessen our debt as well as to decrease shareholder dilution. We continue to have notes in place with select companies that have a proven track record with us and have shown themselves to be good investment partners who care about our Company's success and market stability."
Bradley adds, "With the abusers gone, we expect our market value to rebound to a share price that more closely reflects the Company's significant assets and opportunity's at hand. Most immediately those are to build out of our subsidiary's Cultivation and Production Facilities that has been expedited by the recent passing of Nevada Senate Bill 276 Permitting final State approval. These operations will provide PNTV with a strong source of revenue and recurring cash flow along with the monetization of our IPTV platform and Weed TV channel. Given the recent market volume, I also suspect there has been short selling against the anticipated market supply from these notes, which now retired should have to be covered in the coming days. The Company is making great progress and is planning an in depth shareholder and investor update after the 4th of July holiday that will include several exciting developments. As always we are committed to long term capital growth of the Company and creating value for our shareholders."
About Player's Network:
Player's Network is a diversified company with holdings in both Media and Medical Marijuana. The Company uses its proprietary Enterprise Web Platform to develop Branded Digital Lifestyle Television Networks for itself and its partners in a wide range of lifestyle categories. Player's Network's current original channels, "Player's Network," "Vegas on Demand," "Real Vegas TV," focus on the Las Vegas and Gaming Lifestyles. These channels are distributed over PNTV's owned and operated VOD Channels on TV in over 23,000,000 homes over Comcast, its Broadband Network and Mobile Platforms, on Hulu, Google, YouTube, Blinkx and Yahoo Video, on DVD, and through worldwide television syndication. The Medical Marijuana assets are primarily through the Company's 80% ownership in Greenleaf Farms Holdings, and PNTV's newest channel, "WeedTV.com, which focuses on the rapidly expanding cannabis community. For more information please visit www.playersnetwork.com.
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this Release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to: the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for or install its products, the ability to obtain new customers and the ability to continue to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.
For further information contact:
Media Inquiries:
Lisa Mayo-DeRiso
702-576-2659
Investor Inquiries:
info@PlayersNetwork.com
SOURCE: Player's Network, Inc.
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