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Eco Innovation Group Announces Elimination of Variable Rate Convertible Debt
Eco Innovation Group Announces Elimination of Variable Rate Convertible Debt.
About this update from Eco Innovation Group, Inc.
[{"type":"text","content":"\n VAN NUYS, Calif., June 16, 2021 (GLOBE NEWSWIRE) -- Eco Innovation Group, Inc. (OTC:ECOX) (\"ECOX\" or the \"Company\"), an innovative company aggregating investments in new technologies that promote environmental and social well-being and the advancement of green energy solutions, is pleased to announce that It has paid off and eliminated two variable-rate convertible promissory notes, preemptively preventing a dilutive conversion. The variable-rate convertible promissory notes paid (the “Variable Notes”) posed the risk of a potential conversion of $131,077 at a discount of 39% to the average market price of the Company’s common shares at the time of conversion. As a result of the Company’s payments, that potential dilutive conversion has now been reduced to a potential dilution of 11,934,782 shares at a fixed debt conversion price of $0.023. The Company eliminated and reduced the Variable Notes as a part of our strategy to protect the Company’s shareholder value by reducing and eliminating dilution risk stemming from variable-rate and discounted convertible financing. Following the payoffs, approximately $70k in variable-rate or discounted convertible debt remains on the Company’s balance sheet. Julia Otey-Raudes, President and CEO of ECOX, stated, “Our reputation as a shareholder-friendly Company and the financial security of our shareholders are both priceless ideals. Reducing the risk of dilution to our investors reduces uncertainty and lightens our balance sheet. We look forward to identifying other opportunities to defend our shareholders’ interests and avoid unnecessary dilution in financing our progress as we move toward the commercial launch of multiple disruptive green technology projects currently in our late-stage pipeline.” About Eco Innovation Group Eco Innovation Group was founded by Inventors and Business Professionals to help nurture and catalyze the most innovative and impactful products and services, and to deliver those innovations to the world, improving the quality of life in our communities and the world around us, while delivering value to our shareholders. At ECOX, we are dedicated to developing and commercializing successful products. But we will never lose sight of the fact that we exist, first and foremost, to help people and improve life on th...