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Friday, October 14, 2011 11:43:59 AM
Oct 14 Shareholder Question: Canouse
by Eric Lehner
QUESTION
Can you please confirm that the below-mentioned quote form your statement is still accurate? “and there has been no investment by such persons in our company since earlier in 2010.”
ANSWER
Winning Brands has had a successful financing relationship with Canouse related parties in the past, and in 2010 for a number of practical reasons, new financing with these parties was eventually ended. The convertible notes which remain, from the earlier period, are now a fraction of what they once were. They are due, and the investors have shown forebearance, even in the case where from their point of view a default could be deemed. Common shareholders, in this sense, have benefited from prudence shown to date by all parties. It is important that the company find a way to bridge the interests of its common shareholders and its note holders so that the goodwill of both are respected. This is one of the planning factors in Winning Brands financing equation, ie. how to address the interests of convertible note holders while averting associated dilution to the extent possible. Bridge financing discussions currently underway provide a way forward for the benefit of all.
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