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MoneyOnMobile Announces Restructure of $2.375 million in Debt
MoneyOnMobile Announces Restructure of $2.375 million in Debt.
About this update from Moneyonmobile, Inc
[{"type":"text","content":"\n\n\n\nMoneyOnMobile Announces Restructure of $2.375 million in Debt\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMoneyOnMobile Announces Restructure of $2.375 million in Debt\nDebt restructure provides immediate financial flexibility\nPR Newswire\nDALLAS and MUMBAI, India, Jan. 4, 2018\n\n\n\nDALLAS and MUMBAI, India, Jan. 4, 2018 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQB: MOMT) announced today the restructuring of $2.375 million in outstanding debt obligations to Hall MOM, LLC and eVance Processing Inc.\n\n\n \n \n\n \nThe original principal amount of the Note held by Hall MOM, LLC was $2,000,000 and was originally due December 31, 2017. The Note had an outstanding principal balance of $1,700,000, and has been amended effective December 15, 2017. In connection with the amendment, the Company made an $850,000 principal payment on December 28, 2017. The remainder of the obligation will be paid in monthly installments beginning in February 2018 with final balance due by October 31, 2018. \n\nAdditionally, the Company's $675,000 debt obligation to eVance Processing Inc., originally due November 30, 2017, has been amended. In connection with the amendment, the Company made a $200,000 principal payment in December 2017. The remainder of the obligation will be paid in monthly installments beginning in January 2018 with final balance due by June 30, 2018. \n\nDetails provided in the 8k filings for both deals can be found here: http://investors.moneyonmobile.in/investor_relations/sec-filings/\n\nAbout MoneyOnMobile, Inc.MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India. \n\nSafe Harbor StatementThis release does not constitute an offer to sell or a solicitation of off...