The Board of Directors will soon announce that it has entered into agreements with several of its noteholders for the payoff of their convertible promissory notes over time.
They will pay down old debt to prevent the issuance of additional shares of the Company from the conversion of this debt.
This reduction will be good news for shareholders.
It will also benefit the Company since it will help to improve its financial strength.
In order to pay off this convertible debt, the Company will borrow funds at a reasonable interest rate on terms that do not include any conversion rights of debt to equity, or in any way require the issuance of equity, options or warrants by the Company.
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