Calgary, Alberta, Oct. 26, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forza Innovations Inc. (OTC Pink: FORZ) (the “Company”) is focused on developing and bringing to market the health tech wearable product line “WarmUp”, a functional and efficient heating technology. The Company is pleased to announce that it has secured a commitment for up to $3,000,000 in financing under an equity line of credit structure with Tangiers Global, LLC ("Tangiers") to fund the Company's operations and product development.
The Company has signed definitive agreements with Tangiers to secure a $3,000,000 equity line of credit via an Investment Agreement and Registration Rights Agreement (collectively the “Financing Agreements”). Under the Financing Agreements the Company, at its sole option, can choose to sell its common stock to Tangiers in tranches, up to an aggregate purchase price of $3,000,000. The Investment Agreement obligates Tangiers to buy the Company’s stock in amounts of up to $300,000 per draw down, subject to volume-linked limitations, over a period of 36 months.
Pursuant to the Registration Rights Agreement, the Company must prepare and file a registration statement with the Securities and Exchange Commission (the “SEC”) within 45 days following the Execution Date. The Company will also be required to pay Tangiers a one-time commitment fee of 25,000 shares of its common stock.
Forza’s Chief Executive Officer Johnny Forzani commented, “We are thrilled to have secured this $3,000,000 Equity Line with Tangiers Global, LLC, and believe this agreement to be a great vote of confidence in our future prospects by a well-established investment firm. The financing strategy should allow us to scale manufacturing, and ramp up our R&D to further develop the WarmUp product line, creating new IP along the way. The management team is very excited about the future of Forza Innovations Inc. We are motivated, inspired, and ready to propel the Company to the next level.”
Further information about the Financing Documents can be found in the Form 8-K that the Company has filed with the SEC on October 25, 2021.
About Forza Innovations Inc.
The Company is in the health-tech wearable performance business. The Company has acquired all of the ownership and the rights to certain late, developmental stage, WarmUp products. WarmUp are cutting edge, innovative, wearable, back compression devices. The therapeutic application of heat causes a change in temperature of the soft tissues which decreases joint stiffness and relieves inflammation.
Please refer to the Company's website www.forzainnovates.com.
For further information please contact the Company at: info@forzainnovates.com
On behalf of the Board,
Forza Innovations Inc.
Johnny Forzani, President & Chief Executive Officer
Forward-Looking Statements
Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding the closing of the exchange agreements and expected reduction in our total outstanding debt and annual interest payments. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. We discuss many of these risks in greater detail under the heading "Risk Factors" in the quarterly and annual reports filed with the Securities and Exchange Commission (SEC). The forward-looking statements contained in this press release reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
