Fearless Films Announces Agreement for Extinguishment of Convertible Note with Holder
TORONTO, July 24, 2020 /PRNewswire/ -- Fearless Films, Inc. ("Company") (OTCQB: FERL), a film production company focused on creating high-quality entertainment for the streaming world, announces that the Company has negotiated an agreement for the extinguishment of its 2019 Convertible Note ("Note") from the holder of the Note. The transaction is contingent on the Company delivering shares to the holder. If fully executed, the transaction will extinguish all of the remaining $76,500 in debt related to the Note.
Under the terms of the agreement, the Company will immediately issue 1 million common shares to the holder; in return the holder will extinguish the Convertible Note.
"We negotiated this agreement as a means of reducing future potential dilution from the Convertible Note. We believe that this will provide the Company with the flexibility to raise new equity capital at potentially more beneficial terms, allowing us to continue to support our film production and media library expansion where we believe that shareholder value is ultimately created" stated Victor Altomare, the CEO of the wholly-owned operating division, founder and creative lead for Fearless Films Inc
About Fearless Films, Inc.
Fearless Films, Inc. is an independent full-service production Company founded by award-winning actor/ producer Victor Altomare along with award-winning writer and director Goran Kalezic. The service scope specializes in short film and feature film production in addition to script writing, copywriting, fulfillment and distribution.
The Company trades on the OTCQB tier of the OTC market. Investors can find stock price quotes and market Information for the Company on: http://www.otcmarkets.com/
Visit us at: www.fearlessent.com
Forward-Looking Statements:
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of film development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to audience acceptance of our entertainment products, our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of our business development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
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SOURCE Fearless Films, Inc.
