HOUSTON, Nov. 12, 2013 (GLOBE NEWSWIRE) -- NightCulture Inc. (the "Company") (OTCBB:NGHT) is pleased to announce that it has agreed with its major debt holder to reduce its debt outstanding. Under the terms of the agreement, NightCulture issued 150,000 shares of common stock in exchange for a reduction of $832,313 of the note payable and accrued interest. In addition and as part of the agreement, the balance of the note outstanding going forward will be at no interest.
Michael Long, CEO of NightCulture, stated, "The agreement to reduce our outstanding debt is another step in strengthening our balance sheet and will help the Company in its future profitability. It reflects our growing financial strength and will help support our future growth."
About NightCulture Inc.
NightCulture Inc., "Concerts that Change Your Life", is a premier producer of live concerts and events. NightCulture operates in the following markets: Houston, TX, Austin, TX, Dallas, TX, San Antonio, TX, & Oklahoma City, OK. NightCulture is the first Electronic Music Company to trade in the public markets.
Stereo Live, LLC, a wholly-owned subsidiary of NightCulture, operates Stereo Live, a 25,000 square foot music and live events venue located on 2 1/2 acres of land at 6400 Richmond Avenue in Houston, Texas. http://www.StereoLiveHouston.com
NightCulture Inc. produces two branded music festivals a year, Meltdown Music Festival in Dallas, TX http://www.meltdowndallas.com/ and Something Wicked Halloween Festival http://www.SomethingWickedFestival.com in Houston, TX.
Safe Harbor Statement
Statements in this release that relate to future plans or projected results of NightCulture Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission. Readers of this release are encouraged to study all of our filings with the Securities and Exchange Commission. Readers of this release are cautioned not to put undue reliance on forward-looking statements.