CARSON CITY, NV, March 23, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to announce that it has signed a settlement agreement with one of the convertible note lenders to cease and desist from any future conversions and considers this matter closed in the future. The settlement agreement was submitted to the courts of the SDNY for immediate dismissal of the proceedings and was so ordered. The company filed an 8-K on March 22, 2021.
In addition, the company is happy to announce, with the exception of two, the other convertible note lenders have converted their positions in full and also have no further conversions to perform and therefore have removed the derivative debt of more. of $ 600,000 in convertible debt on the company’s balance sheet. The other two notes that the company will repay in the form of loans.
The company can now focus on financing its projects and increasing shareholder value. “Completing conversions, including certain cash repayments of these notes, is a significant achievement for the Company, and we are grateful that one of our remaining lenders has agreed that a settlement agreement would benefit the Company and its growth initiatives. Completing most of the debt settlement and ending conversions improves our balance sheet and has been one of the critical next steps in our strategic plan as we continue to work to meet our funding needs. We have already received more and more inquiries from large, mid-size companies that understand the value of existing convertible debt repayments in a long-term structure, and we are optimistic about supporting Pharmagreen’s growth initiatives. in the hemp industry and beyond, ”says CEO Peter Wojcik.
About Pharmagreen Biotech Inc.
Pharmagreen Biotech, Inc., is a publicly traded company (OTC PINKS: PHBI). Pharmagreen is a company focused on the CBD hemp industry for the production and supply of starter seedlings through a proprietary tissue culture process with the potential to become one of the largest players in the world. Pharmagreen’s mission is to advance tissue culture science technology and deliver the highest quality, 100% germ-free, disease-free and genetically identical seedlings to growers of CBD hemp and other flora. , while offering full spectrum DNA testing for plant identification, preservation of living genetics. the use of tissue cultures in low temperature storage for all plant species; extracting botanical oils, primarily CBD oil, and providing laboratory services to the North American cannabis and agricultural sectors. For more information about the company, please visit www.pharmagreen.ca
Safe Harbor Declaration
This press release contains forward-looking statements. These forward-looking statements are subject to a number of risks, assumptions and uncertainties which could cause the actual results of the Company to differ materially from those projected in these forward-looking statements. In particular, factors that could cause actual results to differ materially from forward-looking statements include: our inability to obtain additional financing on acceptable terms; the risk that our products and services will not be widely accepted by the market; the inability to compete with others who provide comparable products; the failure of our technology; infringement of our technology with the proprietary rights of third parties; inability to meet consumer demands; the inability to replace important customers; seasonality of our activity. Forward-looking statements speak only as of the date of their publication and are not guarantees of future performance. We assume no obligation to publicly update or revise any forward-looking statements. When used in this document, the words “believe”, “expect”, “anticipate”, “estimate”, “plan”, “plan”, “should”, “intend”, “can” “,” “,” “Potential” and similar expressions may be used to identify forward-looking statements.
OTC Markets or any other securities regulatory authority has not reviewed and accepts no responsibility for the adequacy or accuracy of this press release which has been prepared by management.
Contact details:
www.pharmagreen.ca
Phone. : (702) 803 9404
Email: [email protected]
