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ISBG Announces as Much as $330K Reduction in Outstanding Debt
ISBG Announces as Much as $330K Reduction in Outstanding Debt.
About this update from Blockquarry Corp.
[{"type":"text","content":"\nLAS VEGAS, NV, July 18, 2018 (GLOBE 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.\n 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 br...