CannaSys, Inc. Retires 90% of Aged Debt
Company Reenergizes Balance Sheet, Liquidity in Just Few Short
Weeks
Denver, CO -- January 26, 2017 -- CannaSys, Inc. (OTCQB:
MJTK), a leading marketing, branding, and technology company
focused on the regulated cannabis industry, today announced it has
retired most of its aged debt, promissory notes, and personnel
liabilities in a strong effort to reenergize its balance sheet
amidst improved operating conditions.
On December 22, 2016, the Companys Registration Statement
providing for the registration of approximately 57 million shares
of the Companys common stock to be purchased and sold by Kodiak
Capital Group, LLC, became effective. In that filing, the Company
reported $456,094 in convertible notes payable and notes payable of
$179,717 as of September 30, 2016.
Since December 2016, CannaSys has retired approximately $140,000
of the notes payable and 90% of all aged (older than six months)
convertible notes on its balance sheet, providing significant
balance sheet benefit and operating leverage to the business.
Additionally, the Registration Statement provides up to
$1,000,000 of liquidity. The Company reported a total capital need
of $1,000,000 to fund its operations, including approximately
$500,000 for the retirement of convertible debt. The Company is
pleased to announce that it no longer requires $500,000 for
retirement of debt and can finance its operations through more
cost-effective financing.
CannaSys remains committed to growing its core businesses,
including its main software and branding products, while evaluating
new and accretive acquisitions for its platform.
Over the past six months, we have focused on reducing the debt
exposure on our balance sheet and accessing new and more
cost-effective sources of liquidity to finance the business, noted
Michael Tew, CannaSys CEO. We now have manageable balance sheet
exposure with only one or two key creditors, and significant equity
financing available through our registration statement. It has been
a long road, but to the benefit of our loyal shareholders as we
look to future growth opportunities.
The Company remains committed to streamlining its financing and
operations and looks forward to providing further updates to
shareholders as they become available.
About CannaSys, Inc.
CannaSys is a leading technology solutions, marketing, and
branding company in the regulated cannabis industry. Its core
products are delivered "software as a service" to facilitate
point-of-purchase transactions, customer relationship marketing
solutions, and regulated cannabis laboratory information management
systems. CannaSys plans to develop, acquire, and build strategic
relationships with other businesses in order to bring additional
solutions to market in both established and developing medical and
recreational cannabis states. For more information, please visit
www.cannasys.com
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements. Investors are
cautioned that such forward-looking statements involve risks and
uncertainties, including without limitation, continued acceptance
of CannaSyss products, increased levels of competition for
CannaSys, new products and technological changes, CannaSys's
dependence on third-party suppliers, and other risks detailed from
time to time in CannaSys's periodic reports filed with the
Securities and Exchange Commission.
Contact:
CannaSys, Inc.
Michael A. Tew
Chief Executive Officer
Tel: 720.420.1290
Email: michael.tew@cannasys.com
Web: www.cannasys.com