VNUE restructures $ 857,000 of convertible debt and interest into promissory note
NEW YORK, September 27, 2021 / PRNewswire / – VNUE, Inc. (OTC: “VNUE”) announced today that its principal creditor, YLimit, LLC has agreed to restructure its existing 10% convertible note of $ 492,528 of the principal and $ 364,629 in interest at 8%, $ 857,157 non-convertible promissory note due and payable on September 30, 2022.
Zach Bair, President and CEO said, âAccepting this transaction is another tremendous vote of confidence from YLimit, our largest and longest-serving investor. May 17, 2021, Y Converted limit $ 963,000 from its debt to equity. Now they agree to restructure their convertible note into a simple promissory note. While I remained convinced that Ylimit had no intention of converting its debt and interest into what would have amounted to approximately 857,000,000 common shares, this restructuring sends a definitive message to our shareholders and investors. that any perceived overrun of these shares of a potential conversion to convertible notes is now completely eliminated. This puts the company in a much better position for its continued quest to bring OTCQB to market.
Mr. Bair continued: âThe December 31, 2020 we had convertible notes to pay from $ 1,956,922, and a liability derived from $ 3,156,582 on our balance sheet. With this transaction, I am very happy to report that we have just $ 635,714 into convertible debt and our derivative liability is zero. “
About VNUE, Inc. (www.vnue.com)
VNUE, Inc., (OTC: VNUE) is a multi-faceted music technology company dedicated to monetizing the live music experience for artists, labels, writers and publishers, with products such as its platform -set.fm instant content distribution form (www. set.fm), exclusive licensing partner and pioneer “instant live” DiscLive (www.disclive.net), and protects the rights of artists and writers with the technology of company Soundstr (MRT) music recognition (www.soundstr.com). The veteran entrepreneurs, artists and songwriters behind VNUE, led by a music and technology entrepreneur and recording artist Zach Bair (www.zachbairmusic.com), are passionate about the future of their industry and ensure that the value of rights holders is not lost amid constantly evolving technology. VNUE also owns a 4.99% stake in RockHouse Live International, a new chain of concert halls and restaurants recently launched in Clearwater Beach in Florida, and growing globally, with new locations recently opened in Key West, Florida, and Oxford, MS.
This press release may contain forward-looking statements based on current expectations, forecasts and assumptions that involve risks as well as uncertainties that could cause actual results to differ materially from those anticipated or expected, including statements relating to the amount and timing of expected income, statements relating to our financial performance, expected income, distributions and future growth for the upcoming quarterly and annual periods. These risks and uncertainties are further defined in the Company’s records and reports with the United States Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected or contemplated by forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other things, the Company may not be able to maintain its growth or achieve profitability depending on many factors including, but not limited to, general stock market conditions. Cautions are hereby referred to in the Company’s latest filings with the SEC. We have made and will continue to make significant expenditures in expanding our existing and new service lines, noting that there can be no assurance that we will generate enough revenue to offset these costs in the short and long term. Additional service offerings may subject us to additional legal and regulatory costs and unknown exposures depending on the various geopolitical locations in which we will provide services, the impact of which cannot be predicted at this time.
SOURCE VNUE, Inc.