Business
Blue Water Ventures International, Inc. Completes Initial Restructuring of Certain Debt and Strengthens Financial Position
Blue Water Ventures International, Inc. Completes Initial Restructuring of Certain Debt and Strengthens Financial Position.
About this update from Blue Water Ventures International, Inc.
[{"type":"text","content":"\n \n Blue Water Ventures International, Inc., (“BWV” or the “Company”) \n (OTCPK: BWVI), a historic shipwreck research and recovery company that \n locates and recovers lost underwater treasures dated from pre-colonial \n times to our recent past, announced today that during the 2016 calendar \n year it has converted $566,500 of debt and liabilities into restricted \n equity of the Company, leaving the Company better-positioned for \n long‐term growth and profitability. Of the amounts converted, $200,000 \n represented debt owed to Keith Webb, the Company’s chief executive \n officer.\n \n \n Mr. Webb stated, “We are pleased to convert these outstanding notes to \n restricted equity as the conversions reduce our debt, strengthen our \n balance sheet, and position us better for long-term success. We are \n grateful for the support of these creditors and their belief in our near \n and long term prospects.”\n \n \n The Company's related notes payable and convertible notes payable were \n reduced from $759,363 and $1,188,501 as of December 31, 2015 to $551,968 \n and $791,501, respectively, as of June 30, 2016. “While the levels of \n our outstanding payables and debt as of the end of our second quarter \n are still higher than we would like, our efforts to further reduce our \n liabilities and debt are ongoing and we expect to make further progress \n in the upcoming quarters,” continued Mr. Webb.\n \n \n About Blue Water Ventures International, Inc.\n \n \n Blue Water is engaged in the business of conducting archaeologically \n sensitive recoveries of cargo and artifacts from various shipwrecks. \n Operations to date have focused on shallow water search and recovery \n projects. It is currently conducting survey- recovery operations off the \n coast of Florida, and the North and South Carolina coasts.\n \n \n Forward-Looking Statements\n \n \n This press release contains forward-looking statements within the \n meaning of the Securities Act of 1933, as amended, and the Securities \n Exchange Act of 1934, as amended. Such forward-looking statements are \n subject to certain risks and uncertainties including, but not limited \n to: ability to further strengthen our balance sheet, ability to raise \n funding for continued operations, ability to successfully and profitably ...