Two Hands Corporation Announces 67.7% Current Debt Reduction

Rhea-AI Summary

Two Hands Corporation (OTC Pink: TWOH) has successfully reduced its current debt by 67.7%, significantly improving its financial position.

CEO Nadav Elituv stated that the company is extending debt maturity dates for $1,190,320 to December 31, 2025, facilitating necessary financing for growth.

Looking ahead, Two Hands aims to enhance its food distribution partnerships with GoCart.city, Grocery Originals, and Cuore Food Services, especially as universities resume operations.

Positive

• Debt reduction of 67.7% enhances financial stability.
• Extension of debt maturity dates to December 31, 2025, allows for better financial maneuvering.

Negative

• None.

Toronto, Ontario, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Two Hands Corporation, (OTC Pink: TWOH) is pleased to announce that is has reduced its current debt by 67.7%.

“The market has indicated that serious changes need to occur, management and our board have been working with our current debt holders to extend the maturity dates for debt valued at $1,190,320 to December 31, 2025.”, commented Nadav Elituv, Chief Executive Officer.  “In order for the company to receive the financing needed and execute on our continued commercialization initiatives we have been moving forward with our CSE listing and expect to refile before the end of October 2021.”

Nadav Elituv continues, “We will continue to focus on GoCart.city, Grocery Originals, and Cuore Food Services.  As universities go back to school, we expect our partnerships to continue to expand.  We remain committed to our food distribution and continue to expand our partnerships with others.” 

“Since our 10-Q filing on August 16, 2021 we have further reduced current outstanding debt previously carried on our books, this is a major step toward our goal of eliminating all of our outstanding debt", said Nadav Elituv. "This action effectively removes 67.7% of the current debt previously shown on our balance sheet."

Two Hands Corporation, (OTC Pink: TWOH) is a food distribution company through three on-demand food brands, GoCart.city, Grocery Originals, and Cuore Food Services. Please visit our website at www.twohandsgroup.com

ABOUT GOCART.CITY
Gocart.city, a division of Two Hands Corp. (OTC Pink: TWOH) is an online grocery delivery market that services the Greater Toronto Area and beyond. They curate and deliver the freshest produce and specialty foods in Southern Ontario. To learn more about Gocart.city, please visit www.gocart.city.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Any statement not regarding a historical fact is a forward-looking statement. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the company's ability to finance its planned expansion efforts; the company's ability to raise funds on acceptable terms; the company's ability to successfully adapt its business model and such other risks disclosed from time to time in the company's reports filed with the securities and exchange commission including those on the company's annual report on form 10-K. The company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in management's expectations, except as required by law.

CONTACT:
Two Hands Corporation
IR@twohandsapp.com
www.twohandsgroup.com
www.gocart.city

FAQ

What recent financial improvement has Two Hands Corporation made?

Two Hands Corporation has reduced its current debt by 67.7%, improving its financial outlook.

What is the new maturity date for Two Hands Corporation's debt?

The maturity date for Two Hands Corporation's debt has been extended to December 31, 2025.

How does Two Hands Corporation plan to expand its business?

Two Hands Corporation plans to focus on expanding partnerships through its food distribution brands, including GoCart.city, Grocery Originals, and Cuore Food Services.

What is the stock symbol for Two Hands Corporation?

The stock symbol for Two Hands Corporation is TWOH.

What challenges does Two Hands Corporation face in its expansion efforts?

Two Hands Corporation must navigate risks related to financing its planned expansion and adapting its business model.