Business
World Media & Technology Reorganizes its Capital Structure, Optimizes its Distribution Channel and Transforms its Business Model to Promote Earnings Growth
World Media & Technology Reorganizes its Capital Structure, Optimizes its Distribution Channel and Transforms its Business Model to Promote Earnings Growth.
About this update from Helo Corp.
[{"type":"text","content":"\n\n MIAMI, Oct. 10, 2017 (GLOBE NEWSWIRE) -- World Media & Technology Corp. (OTC:WRMT) (the “Company” or “WRMT”), a leading developer of wearable devices embedded with Life Sensing Technology and dedicated to improving wellness worldwide, today announced the entry into definitive material agreements, enabling it to complete a series of strategic actions that resulted in the return and cancellation of its Series A Super Voting Preferred Stock, leaving the Company with only one class of shares and no warrants. \n In addition, the Company has also secured the intellectual property rights to the Helo Classic, Helo LX and other Helo devices and technologies currently under development (such as the glucose algorithm, mosquito shield and blood oxygenation monitoring). Following a year where the Company has shipped its devices under a licensing model, WRMT has now become fully engaged in manufacturing its wearable devices. The Company has also strengthened its relationship with its exclusive distributor, World Global Network Pte. Ltd. (“WGN”), who has proven itself by shipping over 500,000 Helo devices since Q4 of 2016. Under these material agreements, WGN will only purchase directly from WRMT, ensuring that WRMT secures the full wholesale price for its devices, rather than just a license fee. For further details on these agreements, please see https://www.otcmarkets.com/stock/WRMT/filings. “As we continue to focus on driving a corporate-wide transformation initiative, we are pleased to have the opportunity to reorganize our capital structure and streamline our operations,” stated Sean McVeigh, President and Chief Executive Officer.  “With the return and cancellation of the Series A, we have eliminated a toxic preferred security.  Additionally, by acquiring certain key intellectual properties from WGN, we have successfully transformed our existing licensing business model into a full-service operating model, thereby increasing our projected revenues, margins and profitability starting Q4 of 2017.  This transformation is an important milestone designed to demonstrate not only the strength of our strategic direction, but to provide greater transparency of our business plan and our ability to generate long-term shareholder value.” About World Media &a...