ReelTime’s CEO Pledges Personal Shares and Vows to Reduce Potential
Dilution by More than 50% in Debt Reduction Plan Leading to
Uplist
SEATTLE, WA /
August
26th,
2021 -- InvestorsHub NewsWire -- Reeltime
Media./
(OTC
PINK:RLTR)
reported
that it is
moving
forward with its plans to dramatically decrease the number of
shares that could potentially be converted from old notes. As part
of the Plan ReelTimes
CEO Barry
Henthorn has agreed to modify all
of the
notes he
has
personally or that he controls to much higher
rates of conversion.
Modifications
to the notes vary based on the individual notes but the
impact of this
alone is expected
to reduce the number of shares
potentially diluted by more than 1.5 billion. Additional
note modifications with other note holders are also planned along
with the Company paying off other notes entirely.
Barry
Henthorn stated: "Now
that the Company has met all of its financial reporting
requirements in accordance with the new stricter
guidelines,
we are now
continuing with our debt reduction initiative.
I have
pledged to modify
all
of the notes in
my control as part of
this initiative along with the majority of the other note
holders. It is in
the bedt
interest of
the shareholders and the Company to clean up its share structure
and balance sheet as part of our plans to move to a senior
exchange."
Although
currently all convertible notes contain a provision that at no time
can the notes be converted that would result in any note holder
owning greater than 4.99 percent of the issued and outstanding
shares, if all notes were to be converted at face value the number
of shares would exceed the authorized amount. The restructuring
plan utilizes a combination of paying off certain notes in full and
a dramatically re-negotiated conversion price of all
notes.
All
notes will have strict guidelines restricting any conversions prior
to RLTR becoming fully reporting and trading on the NASDAQ Capital
Markets. This
is not only a dramatically positive move for the shareholders but
will aid significantly in RLTR's ability to meet the listing
requirements set forth by NASDAQ.
RLTR
has received approval from note holders representing
the
majority of the debt to be
restructured and/or has made plans to pay off the remaining
notes.
All recently
filed financials incorporate an enhanced level of disclosure that
is intended to meet the criteria of the highest levels of the OTC
Markets and beyond.
In other News:
LoudMouth
News to Join ReelTime TVs Fall Lineup Expanding Beyond Radio While
Broadening its Subjects to Over 150
Million
Potential Viewers
ReelTime's
Dilution Reduced by 20
Million
Arising From Negotiated Settlement in Their Favor
ReelTime to Launch Roku Channel ReelTime TV to 51.2
Million
Monthly Active Users, Expanding Content Distribution and
Advertising Revenues Using Technology
ReelTime Media reached a technology/software license and
development agreement with Baristas (OTC:BCCI)
'Munchie Magic.' The licensing agreement secures Munchie Magic
global perpetual, exclusive access to use the technology and
methodologies developed by ReelTime that allow the virtual
restaurants to integrate with its partners, onboarding, marketing,
and administrative functions for use with the Munchie Magic Virtual
Restaurant or other convenience store delivery concepts.
About ReelTime Rentals, Inc. d/b/a ReelTime
Media: www.reeltime.com is
a publicly-traded company based in Seattle, WA (OTCPK:RLTR).
ReelTime Media provides end-to-end production capabilities and
discount media purchasing that is redefining how companies are
evaluating and purchasing their TV, radio, print, and other new
media. ReelTime is
also is in the
business of developing, producing and distributing Virtual Reality
Content and technologies. We have an end to
end production,
editing, and distribution capabilities for internal and external
projects. ReelTime Currently produces three ongoing series for the
Samsung Gear VR platform and distributes them over numerous VR
delivery portals, including Gear VR, Oculus, Veer VR, HTC
Vive,
YouTube 360, Facebook, and others. ReelTime Media also publishes
the book 'It Was
Always Me! Edward Edwards, the Most Prolific Serial Killer of All
Time,' which has been the subject of a cover story on People
Magazine, Rolling Stone, In Touch, and a six-part series on
Paramount network, www.itwasalwaysme.com.
CONTACT:
Barry
Henthorn
ceo@reeltime.com
