Branded Legacy, Inc. (OTC.PK: BLEG) Takes Bold Step in Financial Management: Eliminates $1.5 Million in Debt and Safeguards Against Conversions
MELBOURNE, Fla., Jan. 25, 2024 /PRNewswire/ -- Branded Legacy, Inc., a leading Biotech company, proudly announces a significant milestone in its financial strategy. The company has successfully removed $1.5 million of debt from its balance sheet through a strategic debt purchase initiative, ensuring no conversions can happen on the debt that remains.
In a proactive move to strengthen the company's financial position and enhance shareholder value, Branded Legacy, Inc. negotiated the purchase of the entire outstanding debt of $1,500,000 at a remarkable price of $450,000. This strategic decision not only eliminates a substantial liability but also safeguards against any potential conversion of the debt into shares.
"This strategic move not only reduces our overall debt exposure but also ensures that no conversions can happen on the remaining debt, providing additional stability to our financial position," said David Oswald, CEO at Branded Legacy, Inc. "By proactively addressing our debt obligations, we have strengthened our balance sheet, reduced financial risk, and positioned the company for continued growth."
The debt removal initiative eliminates $1,500,000 of debt, leaving only $42,787 of total liabilities on the company's balance sheet. This aligns with Branded Legacy, Inc.'s dedication to fiscal responsibility and ensuring a solid foundation for future endeavors. This move underscores the company's confidence in its financial outlook and commitment to optimizing shareholder returns.
Branded Legacy, Inc. is poised for continued success, and this strategic financial move, coupled with safeguarding against conversions, sets the stage for future growth and prosperity.
In the company's recent major news on, January 16th, 2024 — Branded Legacy Inc., officially announced a significant reduction in its authorized share count from 1.5 billion to 900 million in common shares. This decision, made by the Board of Directors, reflects the company's commitment to aligning its capital structure with its current and anticipated business objectives.
About Branded Legacy, Inc.:
Branded Legacy, Inc. (OTC: BLEG) is a diversified holdings company focused on the biotech sector. With a commitment to excellence and innovation, Branded Legacy specializes in the development and marketing of cutting-edge products and services. The company's diverse portfolio includes ventures in biotechnology, digital solutions, and wellness products, all aimed at enhancing the quality of life for its customers. Branded Legacy's strategic approach to growth involves identifying and integrating promising businesses and technologies that align with its mission to deliver sustainable, high-quality products and services.
Original Copy of this Press Release: https://brandedlegacy.com/branded-legacy-inc-reduces-debt-by-1-5-million/
Investor Relations & Media Contact:
Joe Holladay
Branded Legacy
Phone: 321-345-3565
Email: info@brandedlegacy.com
Website: https://brandedlegacy.com/
Safe Harbor Statement on Forward-Looking Language:
This release includes forward-looking statements, which are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. Dilution, if any, would be for the purposes of management taking stock in lieu of cash salary. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, this press release that is not statements of historical fact may be considered to be forward-looking statements. Written words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future.
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SOURCE Branded Legacy, Inc.
