Las Vegas, Nevada--(Newsfile Corp. - February 27, 2020) - The 4Less Group (OTC Pink: FLESD) announced today that it has successfully reduced its convertible debt by approximately $1.1 million in exchange for 250 shares of The 4Less Group's Series C Convertible Preferred Stock. The 250 shares of series C preferred represent an approximate 2.5% ownership stake in the company.
"We are very pleased to have been able to reduce our convertible debt in such a significant manner," said Timothy Armes, President of the 4Less Group, Inc., "This is part of our overall goal of moving towards minimally and non-dilutive types of financing for the company as we continue to focus on growth with an eye on achieving a positive EBITDA by year end."
Additionally, The Company is focusing on increasing shareholder value on several fronts including:
Reduction of Debt - As mentioned above the company has achieved a significant milestone in debt reduction and will continue its efforts along this path to reduce debt and reduce dilution for shareholders wherever possible.
Minimally Dilutive New Capital - As the company raises future capital, it will strive to bring on minimally dilutive source of funds with a primary focus of preserving and maximizing shareholder value.
Cost Cutting - The company continues to work on several strategies to reduce cost. Amongst them, as previously mentioned, the company is consolidating office space and as well, is working to offshore certain technology based functions in low cost jurisdictions while preserving quality.
Increased Sales - The company is working on numerous fronts to increase sales including working to bring online new distinct product specific websites and its banner site Autoparts4less.com.
The company expects 2020 to be a pivotal year on all of these fronts with the goal of catapulting the company to a new level of sales and eventually profitability with a primary focus on building sustained and lasting shareholder value.
About The 4less Group, Inc.:
With the acquisition of the URL AutoParts4Less.com, FLES is focusing all of their efforts and resources on building out a flagship automotive E-tailing site with the potential to list and sell literally millions of parts that will include automotive specialty equipment parts and accessories, targeted "niche" web sites and potentially a used auto parts exchange one day as well.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Factors that could cause results to differ include but are not limited to, successful performance of internal plans, product or services development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct (i) its own forward-looking statements, except as required by law, or (ii) those prepared by third parties that are not paid for by the Company.
For more information, contact:
Get more at LiftKits4Less
To view an enhanced version of this image, please visit:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52905