NEW YORK, NY, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Accredited Solutions, Inc. (OTC: ASII) ("Accredited Solutions" or the "Company"), the parent company of Diamond Creek Water, an ionized alkaline bottled water distributed in major grocery and convenience store chains, has secured a binding agreement with its lenders to exchange 100% of its currently outstanding convertible debt for a new series of preferred stock. This new series of preferred stock will reduce the debt conversion discount from as high as 45% with some lenders to 15%, resulting in a 65% reduction in the discount rate in certain cases. Additionally, lenders have agreed to forgive 100% of the total interest and default interest accrued to date, thereby lowering the Company's overall debt and overhang by approximately 40%.
"We are immensely grateful to our remaining investors for working diligently with us to achieve this excellent result," said the Company's CEO, Mr. Eduardo Brito. "This new agreement and the overall debt reduction significantly improves our balance sheet by eliminating all convertible debt, interests and derivative liabilities and converting it into preferred stock, achieving a 40% reduction in overhang. This agreement is a testament to the long-term belief our investors have in our ability to build Accredited Solutions into a great company together. We’ll be filing an 8-K in the coming few days to give further details of the transaction and to provide a pro-forma balance sheet to show more clearly what our overall balance improvement is as a result of this agreement."
Relevant Links:
https://www.diamondcreekwater.com
https://www.apokar.com/
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and the company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
Accredited Solutions, Inc. Contact:
contact information:
info@diamondcreekwater.com
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Source:
Accredited Solutions, Inc.
https://www.diamondcreekwater.com
