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Tuesday, March 21, 2017 3:01:27 PM
Ogburn is also a Managing Partner of Lightwave Capital LLC. In the third quarter of 2016, Lightwave owned over 10B shares of iBrands stock. 5 billion of those shares were transferred to another member of management, leaving Lightwave with a little over 5B. Now Lightwave, under the direction of Ogburn, will be retiring 4.5 Billion of those shares or roughly 30% of the issued and outstanding. "5% of something huge, to me, is bigger than 70% of something small," Ogburn states.
Lightwave also owns $296,000 in convertible notes that are on the balance sheet. Lightwave will be forfeiting and cancelling those notes. "This is a show of good faith that we are more focused on the future of iBrands. These notes, if converted, would exceed $1,000,000 as of today. We are in this for the long haul and feel the stock is undervalued, and one way to start realizing that value is to have a clean balance sheet," stated Ogburn.
About iBrands Corporation, Inc.:
Headquartered in Irvine, California, iBrands Corporation, Inc. engages in the manufacturing and distribution of Ultra-Premium Vapor and CBD products that are made in the USA.
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