Business
The Movie Studio, Inc. (MVES) Extinguishes $900K Convertible Debt
The Movie Studio, Inc. (MVES) Extinguishes $900K Convertible Debt.
About this update from The Movie Studio, Inc.
[{"type":"text","content":"\nFORT LAUDERDALE, Fla., Nov. 02, 2018 (GLOBE NEWSWIRE) -- THE MOVIE STUDIO, INC. (OTC PINK: MVES), A VERTICALLY INTEGRATED INDEPENDENT MOTION PICTURE PRODUCTION, ACQUISITION AND DISTRIBUTION COMPANY, REPORTS THE FOLLOWING CORPORATE UPDATE:\n MVES'S dedication to its shareholders continues to be paramount and the Company is pleased to report that it has extinguished the final $906,990 USD owed on its debt to KGH II LLC. This debt was originally taken on by the Company on August 7th 2015 in addition to the acquisition of a sixty percent (60%) membership of the acquired SAFELA film library including the represented feature films; A Broken Life with Tom Sizemore and Ving Rhames, Deal with Burt Reynolds, Night of the Demons  with Shannon Elizabeth and Edward Furlong, Noise with Tim Robbins, Nine Miles Down with Adrian Paul, Pool Boys with Tom Arnold, Cemetery Gates, Knifes Edge, Fractured, Autopsy and Drunkboat starring John Malkovich and John Goodman. The Movie Studio and its shareholders now benefit from having this long-term debt permanently retired from the Company’s balance sheet, as will be reported in the Company’s next Quarterly filings. This places MVES in an ideal position in which there will be no convertible dilution of its share price due to this former debt as it aggressively moves forward with its business model of development, production, acquisition and distribution of independently produced feature films. About The Movie Studio Inc. The Movie Studio, Inc. is a digitally disruptive vertically integrated motion picture production and distribution Company focused on the independent motion picture sector with completed motion picture and production assets. The Company acquires, develops, manufactures, and distributes independent motion picture content for worldwide consumption in Theatrical, Video on Demand (VOD), Foreign Sales and on various media devices. For more information, visit https://themoviestudio.com/. “The Movie Studio is excited about the elimination of this substantial debt on our balance without any dilution to shareholder equity and residual value. As we accelerate forward with our Corporate Actions this transaction facilitates management’s commitment to establish a highly scalable business model in the best interest of Shareholders,” Gordon Scott Venters, th...