PotNetwork Holdings, Inc. Announces Partial Debt Retirement of $1.2 Million
May 08 2018 - 5:00AM
InvestorsHub NewsWire
PotNetwork Holdings, Inc. Announces Partial Debt Retirement of $1.2
Million
With $6.3 Million in Revenues for Q1 of 2018,
and Steps Taken to Reduce Debt, Company on Clear Track to
Outperform 2017
Ft Lauderdale, FL -- May 08, 2018 --
InvestorsHub NewsWire -- PotNetwork Holdings, Inc. (OTC
Pink: POTN)
is
pleased to announce a debt retirement of $1.2 million. With less
than $1.7 million in debt still outstanding in Q2, the
Company is positioned to meet and exceed growth expectations for
2018.
During the
first quarter, the Company reached an agreement with a debt holder
exchanging a $1.2 million convertible promissory note for common
stock purchase warrants at $.25 per share, effectuating a shift in
debt to equity. With now less than $1.7 million in overall
notes payable, the Company has taken a significant step forward
toward improving its ratio of assets to liabilities, reducing its
debt service, and improving its overall financial
metrics.
The company recently announced
record breaking sales
performance results for
March 2018. With over $2.2 million in sales revenue recorded across
the month, the company has posted a 152% year over year increase
when compared with March of 2017.
With over $6.3 million in revenues recorded for
Q1 of 2018, PotNetwork Holdings, Inc. is well on track to exceed
its performance from 2017. The company recently
announced the release of audited consolidated
financial statements reporting 2017 sales
of $14.5 million.
About PotNetwork Holding,
Inc: PotNetwork
Holding, Inc. (OTC Pink: POTN)
is a publicly traded company that acts as a holding company for its
subsidiaries, First Capital Venture Co., the owner of Diamond CBD,
Inc., the maker of Diamond CBD oils.
Safe Harbor Act:
Forward-Looking Statements are included within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding our expected future financial position,
results of operations, cash flows, financing plans, business
strategy, products and services, competitive positions, growth
opportunities, plans and objectives of management for future
operations, including words such as "anticipate," "if," "believe,"
"plan," "estimate," "expect," "intend," "may," "could," "should,"
"will," and similar expressions are forward-looking statements and
involve risks, uncertainties and contingencies, many of which are
beyond our control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. We are under no obligation to (and
expressly disclaim any such obligation to) update or alter
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
PotNetwork Holding
Inc.
Investor Relations:
Marisol Elwell,
1-800-915-3060
investor@PotNetworkHolding.com
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