Business
Wearable Health Solutions, Inc. Settles $633,000 Legacy Debt at Significant Discount, Bolsters Financial Position for Future Growth
Wearable Health Solutions, Inc. Settles $633,000 Legacy Debt at Significant Discount, Bolsters Financial Position for Future Growth.
About this update from Wearable Health Solutions, Inc
[{"type":"text","content":"NEWPORT BEACH, CA / ACCESSWIRE / August 2, 2023 / Wearable Health Solutions, Inc. (OTC PINK:WHSI) ("WSHI or the "Company"), is a provider of innovative personal emergency response systems and healthcare solutions for seniors. The company reached a settlement agreement to pay off a $633,000 Senior Convertible Note of legacy debt at a significant discount to current value. The note was issued to the company and accepted by an early founder in March of 2016. The settlement agreement, reached with Benza Pharma LLC , represented an Original Principal Amount of $633,000 at 18% interest compounded from March 2016 to July 2023, in which the noteholder was seeking $3 million in damages and it has been settled for a two cash payments of $145,000, recently paid, and an additional $200,000 to be paid in 6 months to resolve the note and matter. "We are pleased to have fortified our balance sheet through the elimination of this old debt, as well as the convertible feature associated with it," said Harrysen Mittler, Chief Executive Officer of Wearable Health Solutions, Inc.He further stated, "Our recent capital structure cleanup protected our shareholders from significant dilution while currently preserving our cash for high-value, near-term operational initiatives. These efforts have served to strengthen our financial position to ensure we can continue to innovate and work towards creating sustainable, long-term value for our shareholders. We have made efforts to further reduce debts and prepare to finance production of new product inventory for the marketing and sales plans in place. We look forward to providing our shareholders with an update in the short-term on our refined business strategy in 2023 and beyond."About Us:Wearable Health Solutions is a cutting-edge technology company that specializes in the development of innovative wearable devices and mIoT software for personal medical alarms and home security devices that are designed for seniors, as well as emergency response systems for employees who work alone. Our mission is to improve user safety and enhance the overall quality of life through the integration of advanced technology and data analytics.Forward-Looking StatementsSecurities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of histor...