NEW YORK, NY, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Accredited Solutions, Inc. (OTC: ASII) ("Accredited Solutions" or the "Company"), the parent company of Diamond Creek Water, a leading brand of ionized alkaline bottled water distributed across major grocery and convenience store chains, has reported balance sheet restructuring agreements leading to recognition of a one-time income event of approximately $3.1 million. This significant balance sheet restructuring and accompanying income event results from the execution and finalization of Debt Exchange Agreements with 100% of the Company’s currently outstanding convertible debt holders, who now hold a new series of convertible preferred stock.
This strategic move has substantially improved the Company’s financial position, increasing Net Shareholder Equity from approximately -$5,073,037 to approximately -$45,576, representing a positive balance sheet impact of over approximately $5 million. These financial impact figures have been calculated by the Company’s internal accounting team, are preliminary and are subject to year-end audit adjustment.
"This achievement is a testament to the strong collaboration between our investors and management as we embark on this critical turnaround phase," said the Company's CEO, Mr. Eduardo Brito. "This is just the first of many strategic steps we are taking to transform ASII into a world-class company. We remain committed to executing our plan and will keep our shareholders informed of our progress every step of the way."
Accredited Solutions continues to focus on enhancing shareholder value and building a robust foundation for future growth, with further updates anticipated in the near future.
More detailed information concerning the Company’s balance sheet restructuring is available in the Company’s Current Report on Form 8-K filed August 12, 2024.
Relevant Links:
https://www.diamondcreekwater.com
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and the company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
Accredited Solutions, Inc. Contact:
contact information:
info@diamondcreekwater.com
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Source:
Accredited Solutions, Inc.
https://www.diamondcreekwater.com
