Altitude International Holdings Enters into Agreement to Reduce Debt Obligations by $18.3 Million
03/13/2023 - 08:31 AM
PORT ST. LUCIE, FL / ACCESSWIRE / March 13, 2023 / Altitude International Holdings, Inc. (OTC PINK:ALTD) ("Altitude," or the "Company"), a diversified, vertically integrated holding company focused on performance-based businesses, announced it had entered into an agreement with FVP Servicing, LLC ("FVP") that reduces its existing debt obligations by $18.3 million . Under the terms of the agreement, the Company agreed to assign 100% of the membership interests of its wholly owned subsidiary, Altitude Hospitality, LLC, to FVP's designee.
As a result of the assignment of Altitude Hospitality, LLC to FVP, all agreements previously executed by Altitude Hospitality were also assigned to FVP's designee. These assignments include the Purchase and Sale Agreement with STORE Capital Acquisitions, LLC, a Delaware limited liability company ("STORE"), the Lease Agreement with STORE, and the Membership Agreement with TMH Worldwide, Inc. All related debt related to Altitude Hospitality, LLC, along with the applicable recordation of assets was assigned to FVP's designee as part of the Settlement Agreement.
The Company also entered into a new loan agreement with FVP with a principal amount of $750,000 t o be used to pay off all existing amounts due under its existing loan agreement. Upon the execution of the agreement, all remaining existing debt owed by Altitude was satisfied in full, subject to certain limited contingent indemnification obligations.
For additional information related to foregoing transactions, please see the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 10, 2023.
About Altitude International Holdings, Inc.
Altitude International Holdings, Inc. (OTC: ALTD) ("Altitude") is a multi-discipline holding company which blends income streams from performance-based education, sports, resort operations, and technology. Altitude's multi-discipline approach consists of wholly owned stand-alone academies, wellness centers, and manufacturing/assembly facilities. These operations represent best-in-class high-performance methodology/protocols for training, education, and therapy environments; hypoxic training chambers, air-to-water machines, sports training and educational institutions, and wellness initiatives. For more information, please visit www.altdintl.com
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: "believe," "expect," "anticipate," "project," "should," "plan," "will," "may," "intend," "estimate," predict," "continue," and "potential," or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, extensive renovations as it relates to the Property, our comprehensive real estate development strategy, legal events or outcomes, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.
Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, "Risk Factors" identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.
Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.
Investor Relations:
Michael Kim/Brooks HamiltonALTD@mzgroup.us
SOURCE: Altitude International Holdings LLC
https://www.accesswire.com/743372/Altitude-International-Holdings-Enters-into-Agreement-to-Reduce-Debt-Obligations-by-183-Million
