Available Only to Shareholders of Record
CAMPBELL, CA -- December 06, 2018 -- InvestorsHub NewsWire --
Friendable, Inc. (OTC PINK: FDBL) is pleased to announce the
Company’s financing opportunity designed for and exclusively
limited to existing shareholders of record. Offsetting dilution for
the Company’s shareholders, based on shares owned in Friendable,
Inc. and offering a larger, direct ownership stake in Fan Pass,
Inc. The Company believes a direct financing achieved through the
existing shareholder base is the best solution in preparing for the
future and finalizing its debt restructuring agreement.
“We must collectively focus on the Company’s capital raise in
order to make these efforts a reality. Together, we are a group of
approximately 8,600 shareholders and with a shareholder base of
this size; we have huge strength in numbers. We essentially have a
built-in opportunity, offering shares exclusively to our existing
shareholder base. Raising smaller amounts of capital from a
very large base of shareholders like ours, leverages this power of
many and creates our very own "Crowd Funding" type of offering,
providing Friendable with the financial strength to build our
future success,” said Robert A. Rositano, Jr., CEO, Friendable,
Inc.
“We have structured this exclusive shareholder offering to allow
a minimum investment of $500, with a goal of receiving maximum
participation in our offering. For example, if we can only achieve
a 50% participation rate from our 8,600 shareholders, but on
average, receive an investment of $1,000 per shareholder, the
Company will have raised over $4,000,000. Resulting in each
shareholder adding shares to their Friendable holdings and
receiving a much larger and direct stake in Fan Pass, Inc., in
addition to a future distribution of Fan Pass, Inc. shares,
following a spin off. This structure creates an all-inclusive
funding round that satisfies the required $50,000 complete our debt
restructuring, as well as the necessary capital for Friendable’s
future. Capital raised will immediately be deployed to achieve the
release of the new Friendable app, complete and release the Fan
Pass app and generally preserve our existence as a publicly traded
company in the near term, while accelerating all facets of our
future plans at the same time,” said Rositano
“The debt restructuring terms will remove a total of $6,314,443
in combined Convertible Debt from the Company’s books in exchange
for approximately 5,000,000 common shares, on a post reverse split
basis. Once completed, these common shares also carry limitations
on liquidation, which controls dilution over time, allowing value
creation by the Company and future protection for all shareholders.
In addition, management and vendor debt totaling $1,000,000 will
also be written off the Company's books, as agreed by management. I
am happy to report, the combined debt being removed from the
Company books upon completion, will total $7,314,443,” stated
Rositano.
“We believe these tactical efforts, along with the terms of the
debt restructuring agreement have created an entirely new value
proposition for Friendable and our shareholders. Focusing on a
capital raise, the new business operations, partnerships and
generally revenue generating opportunities, will allow Friendable
to reinvent its future and build great value in both Friendable and
Fan Pass moving forward,” said Rositano.
“Please find below, a LINK to the “EXCLUSIVE OFFERING TERMS”,
use of proceeds and the action plan for 2019. Additionally, please
SEE PRESENTATION LINKS for both Friendable, Inc. and Fan Pass, Inc.
We thank all of our shareholders once again for their continued
support as the Company continues to break down barriers as we find
new ways forward and create better communities, together,”
concluded Rositano.
CLICK BELOW FOR DETAILS OF THE FOLLOWING:
EXCLUSIVE SHAREHOLDER OFFERING
FRIENDABLE, INC. – PRESENTATION
FAN PASS, INC. – PRESENTATION
DEBT RESTRUCTURING TERMS
LINK: http://www.friendable.com/shareholder-offering-docs/
About Friendable, Inc.
Friendable, Inc. is a mobile technology company that
develops, acquires, and invests in mobile applications with a
social focus. In 2013, the Company released its flagship product
Friendable, a mobile social application where users can create
one-on-one or group-style meetups for food, drinks, live music, or
any occasion. Friendable, Inc. has been developing and plans to
release its brand new mobile app platform “Fan Pass
Live", a live streaming video application for both iPhone and
Android designed to allow music artists, athletes and
celebrities to offer their fans and social followers a backstage or
VIP experience right from their smart phone. Through the
Friendable and Fan Pass applications, Friendable, Inc. aims to
become the premier brand for mobile platforms that is dedicated to
connecting and engaging users beyond today’s limitations.
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.
Contact: Friendable Phone: (855) 473-7473 Email: Info@friendable.com www.friendable.com
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