Friendable Closes Debt Restructuring
Campbell, CA - ( NewMediaWire ) - November 20, 2019 - Friendable, Inc. (OTC PINK: FDBL) is pleased to announce it has met the remaining and required stipulations outlined in the “Debt Restructuring Agreement” entered into between it and its major creditors in March 2019. The Debt Restructuring Agreement created a structure of converting existing debt into equity of the Company that isn’t toxic.
The last milestone to be met was the closing of $400,000 of new financing that the Company has now completed. The Company continues to seek completion of its one-million dollar ($1,000,000) capital raise, as well as continuing its process of vetting strategic partnerships, investments and over all relationships that may assist in the Company’s launch and promotion of its Fan Pass mobile application.
“This is a huge milestone for the Company and our shareholders, as we can now believe any future dilution can be managed more effectively and balanced by our efforts to build value,” said Robert A. Rositano, Jr. CEO, Friendable, Inc.
“The Company’s ability to remove more than $8,000,000 in liabilities, along with the conversion of this restructured debt, is a real game changer in presenting the Friendable investment opportunity to accredited investors. Additionally, I would like to thank all note holders once again for their collective efforts in completing the restructuring agreement and truly allowing the Company to perform based on the criteria agreed upon. Lastly, a big thank you to our shareholders for the unwavering support of the Company’s actions and go forward vision for Friendable, as I continue to hear from many of you directly, which is always welcome,” concluded Rositano, Jr. CEO, Friendable, Inc.
About Friendable, Inc.
Friendable, Inc. is a mobile focused technology and marketing company, connecting and engaging users through two distinctly branded applications:
The Friendable and Fan Pass Mobile Applications.
The Company initially released its flagship product Friendable, as a social application where users can create one-on-one or group-style meetups. In 2019 the Company released its new version of Friendable with a focus on dating and building subscription based revenue, starting with its existing and historical database of approximately 900,000 registered users.
Fan Pass is the Company’s newest app/brand, scheduled for release in 2019. Fan Pass believes in connecting Fans of their favorite celebrity or artist, to an exclusive VIP or Backstage experience, right from their smart phone or other connected devices. Fan Pass allows an artist fan base to experience something they would otherwise never have the opportunity to afford or geographically attend. The Company aims to establish both Friendable and Fan Pass as premier brands and mobile platforms that are dedicated to connecting and engaging users from anywhere around the World.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” Actual results could differ materially from those projected by Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable’s common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at the SEC’s Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
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