DRNK NEWS: (THIS IS WHY IT IS GOING TO RUN): NOHO, Inc. to Freeze Conversions and Negotiates Debt Buyout
10:45 am ET April 24, 2017 (Market Wire) Print
PHOENIX, AZ--(Marketwired - Apr 24, 2017) - NOHO, Inc. (OTC: DRNK), a Wyoming corporation (the "Company"), announced the following:
The Company has reached an agreement in principle with its 95% majority convertible note holder for a moratorium on conversions, relating to notes issued after March 7, 2015.
In addition to freezing conversions, the Company will maintain its ability to retire the outstanding notes in cash.
Pursuant to the agreement, NOHO will be forming a financial services division wherein a percentage of top line revenues will be allocated toward funding the debt repurchase plan. Details on the new division will be announced prior to May 31, 2017.
If the notes subject to the freeze are not repurchased by the Company, the parties have agreed to a restriction of stock sales, subject to a lockdown and leakout agreement, which is currently being finalized.
David Mersky, NOHO's CEO, stated, "We have come to terms with our majority note holder to freeze conversions, which puts NOHO in a very strong position moving forward with significant developments underway. This is a strong signal of our majority debt holder's confidence in the long term vision we have for the Company. This agreement is also a big win for our shareholders, as we continue to make changes to reduce the outstanding shares and avoid dilution as a priority moving forward."
For additional information on NOHO please visit www.nohodrink.com and our full product site at www.imbutek.com and at www.instagram.com/nohodrink, as well as at www.twitter.com/nohodrink
Cautionary Note Regarding Forward-Looking Statements.
