Las Vegas, Dec. 20, 2017 (GLOBE NEWSWIRE) — KSIX Media Holdings, Inc. (OTC: KSIX) LAS VEGAS, NV- a company focused on Telecom, Media and Blockchain FinTech and Cryptocurrency applications announced it has entered into two settlements with creditors which eliminates approximately $1,470,000 of convertible debt and recovers 1,782,000 shares of Company stock previously issued to a creditor. In addition, the settlements result in the release of an additional 18,745,015 shares of Company stock which had been reserved for the benefit of the creditors.
Specifically, on December 5, 2017, KSIX Media Holdings, Inc. and certain of its subsidiaries (collectively, the “Company”) entered into a Settlement Agreement with Salksanna, LLC relating to separate promissory notes, each in the original principal amount of $53,542.33. Under the terms of the Settlement Agreement, the Company paid Salksanna $110,000 cash in full satisfaction of all amounts due pursuant to the promissory notes.
On December 7, 2017, the Company and certain corporate and individual guarantors entered into a Settlement Agreement with TCA Global Credit Master Fund, L.P. with respect to a convertible promissory note in the original face amount of $750,000. Under the terms of the Settlement Agreement, the Company paid TCA $375,000 cash to settle all obligations between the parties. In addition, TCA agreed to the cancellation of 1,782,000 shares of Company Common Stock which it had held.
“The settlement of this debt and cancellation of the stock associated with the debt was a significant achievement in cleaning up our balance sheet and settlement of pending litigation matters”, said CEO Brian Cox, who has been in office only six months. “This was one of my primary initiatives when I joined the Company and permits us to move forward with the completion of our pending merger with True Wireless and the strategic expansion of our Telecom, Blockchain and Cryptocurrency initiatives. Our Chief Strategy Officer, Anthony Nuzzo, was instrumental in negotiating these settlements”.
Separately, the Company is proceeding with its name change to Surge Holdings, Inc., which it expects to complete within the next 30 days. The new name is emblematic of the repositioning of the Company.
ABOUT KSIX MEDIA HOLDINGS
KSIX Media Holdings Inc. is a diversified holding company with an aggressive plan to grow the existing media business through investments in Telecom, Blockchain Technology Software and Cryptocurrency markets.
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FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual result and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, other than as required pursuant to applicable securities laws.
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