Business
ISBG Announces Significant Share Cancellation and Largest Debt Reduction in Company History
ISBG Announces Significant Share Cancellation and Largest Debt Reduction in Company History.
About this update from Blockquarry Corp.
[{"type":"text","content":"\nLAS VEGAS, NV, Oct. 03, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- International Spirits and Beverage Group Inc. (OTCQB:ISBG) (“ISBG” or the “Company”), a top-tier brand incubator in the Global Wine & Spirits market, is excited to announce a further dramatic improvement in the balance sheet and capitalization table, featuring the forgiveness and forbearance of a major convertible note with an outstanding value of $145K, as well as the summary cancellation of 7 million outstanding and issued shares. This is the biggest single debt reduction for the Company in its history, and dramatically reduces outstanding obligations. \n Moreover, the company continues to work to streamline debt and reduce outstanding shares in the wake of demonstrable strides on both its recent technology venture and its expansion into the CBD products marketplace. “We have made significant progress in meeting and exceeding our strategic goals so far in 2018, and our core investors recognize this and continue to actively partner with the Company for mutual long-term success,” commented ISBG CEO, Terry Williams. “We are thrilled to see this show of confidence, and would like to express our gratitude, on behalf of all stakeholders in ISBG, to our partners and investors at GPL Ventures. Together, we can make big things happen!” The move comes in response to manifest progress in the Company’s two primary expansion agendas: the ISBG-Bengala Blockchain Project and the Company’s push into CBD-infused beverages and CBD chews. The ISBG-Bengala Blockchain Project represents a marriage between the Internet-of-Things and the Blockchain to produce a comprehensive product management solution for the beverage industry involving partnerships with Bengala Technologies LLC, (“Bengala”), a development firm that specializes in tailored technology solutions with an expertise in blockchain and distributed ledger technology, and AirTab, a popular mobile social networking platform drawing on cutting-edge promotional and data analytics reporting, driving real customers to trending bars, restaurants, and hotels for complimentary beverages, while linking #SocialDrinkers together. The Company’s push into the CBD space is also on the fast track, as exemplified by the recent drafting of a key agreem...