My Social Income, Inc. Converts Nearly $2 million Worth of Debt
Major Debt Holder Agrees to Convert to Preferred Stock
(Irvine, California, August 20th, 2015)
My Social Income, Inc. ("MSOA") (OTC: MSOA) CEO Colleen Schmidt is pleased to announce that the largest debt holder of MSOA has agreed to convert $1,945,912.00 of debt currently on the balance sheet to Series D Convertible Preferred Stock, priced at $2.50 per share.
This long-time supporter of MSOA has been invested in the Company since 1999, and is pleased to be able to help with this significant strategem.
"By cleaning up the balance sheet and creating equity for the company, we are delivering on our promise to shareholders to make bold and significant improvements to our bottom line," says Colleen Schmidt.
By eliminating $1,945,912.00 in debt and thereby creating almost $2 million in equity, the Company passes an important milestone on it's journey toward meeting the $4 million shareholder equity threshold, which in turn allows it to qualify for a listing on the NYSE Markets.
"This is just one of several important, strategic financial transactions that will enhance the Company's development as a future Business Development Corporation," says Colleen Schmidt.
ABOUT MY SOCIAL INCOME, INC.
MSOA offers a wide array of communication services and specializes in tailoring these services to create Value Networks for its customers that can be extended to large groups of members, sales affiliates or other interested parties. The value of the network is its furnishing of free unlimited, in-network services to all network members; low-cost local and long distance calling; access to numbers outside the network for all members; high-value custom calling services to all members including voice messaging, email services, conferencing services, fax via email, automated attendant and advanced call processing to all members. It also includes customized small business services to any corporate sites, and custom VIP consulting services to all company principals and key personnel.
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