Aftermaster Extinguishes Over 50% of its Debt and Recaptures More Than 10% of its Outstanding Shares
HOLLYWOOD, CA / ACCESSWIRE / April 2, 2018 / Aftermaster, Inc. ("the Company") (OTCQB: AFTM) is pleased to announce that it has finalized an agreement wherein it has extinguished $4,500,000 in secured debt owed by the Company. The $4,500,000 represented approximately 55% of the Company's total loan debt as of March 31, 2018. In addition, 14,837,251 issued shares and 1,280,162 unissued shares owing to the debt holder (16,117,413 total) were recaptured in the transaction and will be cancelled. The shares represent more than 10% of the Company's issued and outstanding common shares. The Company will also eliminate over $700,000 per year in debt service costs.
"This transaction is an important milestone for Aftermaster shareholders and the Company," stated Larry Ryckman, CEO of Aftermaster. "As our revenues grow, we are working towards rapidly trimming our debt and increasing our equity base to assist us in moving forward aggressively with our growth."
Aftermaster is a groundbreaking audio technology company that designs and develops award winning and patented audio technologies for use in audio enabled devices as well as streaming and broadcast applications. The Company's unique Aftermaster audio technology delivers an unparalleled clarity, depth and fullness to any audio source, while delivering a significant increase in volume without increased distortion or loss throughout the dynamic range. www.aftermaster.com/about. Aftermaster products include the Aftermaster Semiconductor chip and software, the Aftermaster Pro TV remastering device and Promaster, the worlds first instant online music mastering service. www.aftermaster.com/products. The Company also operates six recording and mastering studios in Hollywood California. www.aftermaster.com/studios. The Aftermaster team includes music and audio technology leaders who have produced engineered and mastered more hit records than any audio company in the world. www.aftermaster.com/team.
Safe Harbor and Forward Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, the ability to complete product marketing and development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company's most recent periodic filings with the Securities and Exchange Commission, including its 2017 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
SOURCE: Aftermaster, Inc.