ISBG Announces as Much as $330K Reduction in Outstanding Debt
18 July 2018 - 11:18PM
InvestorsHub NewsWire
Las Vegas, NV -- July 18, 2018 -- InvestorsHub NewsWire --
International Spirits and Beverage Group Inc. (OTCQB:ISBG) (“ISBG”
or the “Company”), a Nevada Corporation, is excited to announce
that the Company has completed $210K in proactive debt reduction to
be reflected in its next quarterly financial filing. Furthermore,
management reports that the Company is in active negotiation toward
the forgiving of an additional $120K in outstanding
liabilities.
In addition to the deployment of free cash from operations
toward a $50K debt repurchase and retirement announced by the
Company in its release dated May 30, 2018, management has retired
another $160K in outstanding obligations: $110K in outstanding debt
has been formally forgiven by creditors, and an additional $50K has
been repurchased and retired by the Company over recent
days.
As a consequence of this effort, shareholders saw a 4.6 million
share reduction in the share float statistics for the stock on
OTCmarkets.com.
“We proved a model of sustainable growth in terms of free cash
flow directly derived from operating effectively during Q1 of this
year. Our stakeholders can see this. Things are clicking into
place. They can also see that we are starting to focus on applying
that surplus free cash proactively to lighten the books by
streamlining our balance sheet. Those with exposure on both the
debt and equity sides are gaining confidence in the future
potential of that equity as well, so it only makes sense to work
with us and spark a virtuous circle of success. We want to get more
aggressive from here, and this type of cooperative mentality will
help us achieve tremendous things going forward,” stated ISBG
President and Chairman, Alonzo Pierce.
The Company will continue to aggressively retire unnecessary
outstanding liabilities as it builds free cash from operational
efficiencies and growing sales.
About ISBG: ISBG is a Nevada-based alcoholic beverage company
specializing in the development, marketing and global sales of
innovative wine and spirits brands. The Company's expertise lies in
the strategic development and aggressive early growth of its brands
and establishing these brands as viable and profitable. ISBG
intends to build its own brands while seeking out individual
acquisition candidates to continue to develop its pipeline of new
brands into the ISBG portfolio. For more information visit:
www.isbg.global
Forward Looking Statements: This press release may contain
forward-looking statements that involve risks and uncertainties.
These statements relate to future events or our future financial
performance. In some cases, you can identify forward-looking
statements by terminology including "could", "may", "will",
"should", "expect", "plan", "anticipate", "believe", "estimate",
"predict", "potential" and the negative of these terms or other
comparable terminology. While these forward-looking statements, and
any assumptions upon which they are based, are made in good faith
and reflect our current judgment regarding the direction of our
business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections,
assumptions or other future performance suggested in this report.
Except as required by applicable law, we do not intend to update
any of the forward-looking statements so as to conform these
statements to actual results. Investors should refer to the risks
disclosed in the Company's reports filed from time to time with OTC
Markets (www.otcmarkets.com).
Contact: For Additional Investor Information: International
Spirit & Beverage Group, Inc. info@isbg.global