Iconic Brands Inc (ICNB)

[kkpennies]

Do you mind sharing your questions with the board? Were they not answered in the pr?

http://www.iconicbrandsusa.com/2017/news/iconic-brands-debt-settlement-news/

AMITYVILLE, NY–(Marketwired – Apr 27, 2017) – Iconic Brands, Inc. ( OTC PINK : ICNB ) today further clarified the definitive settlement terms representing over 80% of the company’s debt, as well announced the company expects the balance to be settled shortly.

Under the prior terms, the company’s existing debt could have converted into an unknown and potentially exorbitant amount of common shares and interest would have continued to accrue at a relatively rapid rate. This coupled with the potential to disrupt the daily flow of the market for the Company’s shares has now been eliminated.

Under the agreement, the Company negotiated a final conversion into a fixed number of shares totaling four hundred and eighty two million compared to what could have potentially been billions of shares, as well received concessions of close to one hundred and twenty five thousand dollars tendered by the note holders, and all interest has ceased. This will eliminate over one million dollars in debt from the company balance sheet. Importantly, the agreement further stipulates that all shares be placed with a professional institutional broker, where using their exclusive discretion, a maximum aggregate of ten percent of the daily volume can never be exceeded.

This agreement brings finality to the ongoing discussions with these Holders and additional certainty to the capital structure such that the Company can now consolidate all assets under Iconic Brands. The Company can now more confidently negotiate any future transactions, be it mergers, acquisitions, or development of future brands and be in an easier position to become audited and fully reporting.

Mr. Richard DeCicco stated, “I am pleased to have reached a definitive and final agreement and compromise with the majority of our debt holders; it is their confidence in the longer-term value of Iconic Brands that allowed us to finalize this transaction and move forward. Corporately we have amazing developments forthcoming in the days, weeks and months ahead that I’m confident will add great value to our company.”