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$EEGI Eline Entertainment Group announces $496,000 in convertible debt removed from the books at no cost, putting a stop to massive dilution and securing the company’s share structure for the future.




Oct 12, 2016
OTC Disclosure & News Service
Scottsdale, AZ -
Eline Entertainment Group announces $496,000 in convertible debt removed from the books at no cost, putting a stop to massive dilution and securing the company’s share structure for the future.
October 13, 2016 – New York - Eline Entertainment Group, Inc. (OTCPink: EEGI) today announced that a little over $496,000 in convertible debt and accounts payable has been forgiven, costing the company no further dilution. The deal will allow Eline to lower its Authorized number of shares down to approximately 3.5 Billion leaving some wiggle room for future acquisitions should opportunities arise.
The reduction in debt is the result of debtor V2IP, Inc breaching the terms of their agreement to acquire the debt and convert it to shares under a 3(a)(10) exemption, which was announced via 8K filed on July 22, 2016. As a result of the breach, the entire sale was cancelled and except for a small amount of debt already converted, the entire balance is not collectable and forgiven from the balance sheets.

The event is a huge win for Eline, and allows the company to move forward in building and creating a solid company. A board resolution approving a change in domicile and ultimate reduction in authorized shares has been executed and will be reflected in the next quarterly disclosure.

The company also plans to announce a dilution free funding strategy as well as several partnership strategies in the very near future that management feels will reinvigorate the public interest in the company.

About Eline Entertainment Group, Inc.
Eline Entertainment Group, Inc. operates a subsidiary software company called Cranium™ which develops banking related applications for desktop and mobile uses.
DISCLAIMER
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve risk, which could cause the actual results to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
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