Denver, CO, May 06, 2022 (GLOBE NEWSWIRE) -- Blue Line Protection Group, Inc. (OTCQB: BLPG) (“Blue Line” and the “Company”) is pleased to share a corporate update.
Annual Shareholder Meeting
On April 22, 2022, the Company held its annual shareholder meeting. During the meeting, the shareholders elected Evan DeVoe (CEO), Doyle Knudson, and Dan Allen to constitute the Board of Directors.
Consolidation of Debt
During the first five years of Blue Line’s existence, the Company was forced to take on significant outside funding in order to meet its operational needs. Due to the nature of the business model and lack of capital, the Company was not able to address repayment of the debt at that time.
In late 2019, the Company made considerable changes to its business model by removing its least profitable service sector. As a result of this change, Blue Line’s profit margins substantially increased allowing the Company to financially support its business needs and begin addressing long-standing liabilities. From January 1, 2020, through December 31, 2021, the Company paid $1,092,410.68 toward debt servicing. Focusing on reducing this debt will allow the company to explore opportunities for growth and expansion into current and new markets.
Over the last six months, management has focused on consolidating the Company’s remaining debt and achieved the following highlights:
- Negotiated $522,334.08 in accrued interest forgiveness.
- Consolidated ten outstanding Promissory Notes, eight of which had interest rates of 10% or higher, into two Promissory Notes with new interest rates of 5%. This greatly reduces the amount of interest that the Company will accrue over the next five years. Furthermore, the Company established a payment schedule with these creditors. These attainable monthly installments will ensure the notes are paid in full by maturity date.
- An initial six-month payment agreement was reached with a third creditor in which;
- Payments will be applied directly to the principal of the Promissory Notes. On completion of these payments, the principal amount owed to this creditor will decrease from $688,500 to $363,500.
- The interest rate on the Notes are reduced from 24% to 7.5% during the term of the agreement.
- $250,000 of accrued interest will be forgiven provided the payments are made as agreed upon.
- Payments will be applied directly to the principal of the Promissory Notes. On completion of these payments, the principal amount owed to this creditor will decrease from $688,500 to $363,500.
Further details can be found in our Securities and Exchange Commission 10-K filing available on the SEC website at http://www.sec.gov.
Message to the Shareholders
Evan DeVoe, Chief Executive Officer of Blue Line Protection Group, Inc., commented: “On behalf of the board of directors, management team and employees of Blue Line, I want to thank you for your continued support of the Company. We hope this update provides insight into how the Company is positioning itself for continued growth and long-term success.”
About Blue Line Protection Group, Inc.
Blue Line Protection Group simplifies operations for cash intensive industries by providing armed transportation, comprehensive cash logistics, and compliance solutions. The Company’s full suite of services streamlines day-to-day cash control and oversight for financial institutions and businesses in the legal cannabis industry operating in Colorado, Arizona, and Nevada. For more information, visit www.BlueLineProtectionGroup.com.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, tax matters, our ability to secure and maintain strategic relationships and other matters not anticipated. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information contact:
Anne Kurowski
investorrelations@bluelineprotectiongroup.com
Blue Line Protection Group
(800)844-5576
