Accredited Solutions Inc (ASII)

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NICE! NEW YORK, NY, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Accredited Solutions, Inc. (OTC: ASII) ("Accredited Solutions" or the "Company"), the parent company of Diamond Creek Water, an ionized alkaline bottled water distributed in major grocery and convenience store chains, has secured a binding agreement with its lenders to exchange 100% of its currently outstanding convertible debt for a new series of preferred stock. This new series of preferred stock will reduce the debt conversion discount from as high as 45% with some lenders to 15%, resulting in a 65% reduction in the discount rate in certain cases. Additionally, lenders have agreed to forgive 100% of the total interest and default interest accrued to date, thereby lowering the Company's overall debt and overhang by approximately 40%.