FRISCO, TEXAS, April 27, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Verde Bio Holdings, Inc. (OTC: VBHI), a growing oil and gas Company, is pleased to announce the full settlement of all its outstanding debt. This includes all convertible debt as well as term loans in a combination of aged, existing debt and strategic new debt which was taken on and utilized to clean up the Company after new management took over in late November 2019.
The payoff of these debts stops any further conversion into common stock and was achieved through early, selective conversions, payoffs and a settlement agreement with the largest note holder of Verde. As a result of these actions, all claims against the Company have been released.
“As mentioned in our previous press releases, Verde is focused on building a diversified, revenue producing portfolio of high-quality assets. The settlement of all debt allows the Company to move forward with a strong balance sheet with no debt which provides a much more stable foundation for growth, value creation and financial flexibility,” said Scott Cox, Verde CEO.
“We are excited to be debt free. The incredibly successful Reg A+ cap raise has allowed us to reach this amazing milestone in just a little over a year. With no debt and a pipeline full of deals, we are poised to grow tremendously over the next few months,” Mr. Cox said.
“This greatly improves our cashflow and allows us to apply capital to funding future growth and expansion of the Company’s asset base, thus increasing Shareholder value tremendously. I would like to thank all the investors, shareholders, and professionals for their trust and patience to build Verde to this point. Growing pains are never pleasant, but the public is beginning to get a glimpse of Verde’s potential as a company. Through our balanced approach of capital raising and acquisitions, we are building a highly diversified portfolio of revenue producing interests and look forward to continuing to build on these through future strategic acquisitions,” Mr. Cox concluded.
About Verde Bio Holdings, Inc.
Verde Bio Holdings, Inc. (OTC: VBHI), is a growing U.S. Energy Company based in Frisco, Texas, engaged in the acquisition and development of high-growth mineral rights and select non-operated working interests in premier US basins. Verde currently owns producing mineral, royalty and over-riding royalty interests in the DJ Basin of Colorado and Wyoming, the Haynesville Shale of Louisiana, the Anadarko Basin of Oklahoma, the Delaware and Permian Basin of Texas and the Marcellus and Utica shales in West Virginia. The Company is focused on providing strong shareholder returns through asset growth generated by our acquisitions of revenue producing assets.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company’s products and services, the ability to complete software development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its 2019 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Contact:
Paul Knopick E & E Communications
pknopick@eandecommunications.com
940.262.3584