ROCKLEDGE, Fla., March 21, 2017 (GLOBE NEWSWIRE) -- Kona Gold Solutions, Inc. (OTC Pink:KGKG), a hemp lifestyle brand of exclusivity and status, is pleased to announce the Company has reduced its debt by forty eight thousand ($48,000), reducing the Company’s total liabilities to $100,468. Kona Gold’s management team negotiated with two debt holders to pay off its liabilities without issuing new shares. The Company is also in negotiations to reduce its total outstanding liabilities by an additional seventy thousand dollars ($70,000).
Kona Gold’s Management team felt it was imperative to implement a new growth strategy by decreasing the amount of total outstanding liabilities to increase shareholder value and position the Company for rapid growth. The Company decided to use the proceeds from the sale of Elev8 Hemp LLC to Elev8 Brands, Inc. (OTC.PK:VATE) to reduce a majority of its outstanding liabilities. The Company is set to use the additional proceeds from the sale of its subsidiary to pay legal consul to draft and submit a form S-1 as well as higher an auditing firm to complete a full audit of the company’s financial and inventory assets.
Upgrading to the OTCQB requires timely filings and full disclosures which provide a high level of transparency to all interested companies, institutional sized corporations and private investors, which the company believes will open the door to new financial avenues. Kona Gold has been in negotiations with large retailers and distributors that require financial transparency as a qualifying prerequisite to the application process of becoming a nationally recognized hemp-infused products manufacturer.
“We are beyond thrilled with the progress we have already made in 2017” stated Robert Clark, CEO of Kona Gold Solutions, Inc. “We have not only drastically reduced our liabilities to help increase value for our shareholders, we have new products hitting shelves in less than 2 weeks and we have begun the process of vetting legal consul and an auditing firm to assist us in moving to a higher exchange. We are convinced moving up market tiers will solidify Kona Gold as the dominant nationally recognized leader in the hemp infused product industry. 2017 is the year for Gold, Kona Gold!”
For more information regarding Kona Gold Solutions, please visit:
https://www.facebook.com/konagoldhemp
https://twitter.com/konagoldhemp
https://www.instagram.com/konagoldhemp/
http://www.konagoldhemp.com
Kona Gold Solutions, Inc.:
Kona Gold Solutions, Inc. has created Kona Gold LLC, a Delaware Corporation, which has developed a premium Hemp Infused Energy Drink line, Energy shots, and Apparel; please visit the Company’s new website at www.konagoldhemp.com. The Company is located on the east coast of Florida in Rockledge, FL.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.