Kisses From Italy, Inc.: Kisses From Italy, Inc. (KITL), Finalized Settlement Agreement with Various Convertible and Senior Preferred Debt Holders
Kisses From Italy, Inc. has finalized settlements with Coventry Enterprises, Jefferson Street Capital, and AJB Capital to restructure its debt obligations.Summary
Kisses From Italy, Inc. (KITL) has successfully completed the restructuring of its debt obligations by finalizing settlement agreements with Coventry Enterprises, LLC, Jefferson Street Capital, and AJB Capital. The agreement with Coventry involves a cash payment of $115,000 and the issuance of 34,000,000 shares of common stock, fully extinguishing the debt and resolving related litigation. For the senior preferred debt held by Jefferson Street Capital and AJB Capital, the parties have amended the terms to cap the share reserve at 500 million shares with a fixed conversion price of $0.01 per share. Management believes these revised terms are significantly less dilutive and more favorable to the Company and its shareholders. These actions are expected to position the Company to move forward with its restructuring plan and its previously announced plan with Regen Health Physicians. The Company continues to work closely with debt holders and legal counsel to finalize the merger transaction with Regen Health Physicians.
(Source：Finanznachrichten.de)