PITTSBURGH, PA , March 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Unique Foods Corporation (UPZS) announces the removal of a $495,000 debt that has been carried on the corporate books for the past sixteen quarters. This debt has been deemed by corporate counsel and accountants to not be the responsibility of Unique Foods Corp and should be removed from the past and omitted from future filings.
This “Note 5” section will be removed from all past filings along with $495,000 debt from the balance sheet “Note Payable to a Related Party Individual”. Over the next few months all of the previous filings that included this debt will be amended and when the 2018 year end financials are posted the $495k will be omitted.
Note 5 – Note Payable to a Related Party Individual
Pursuant to the Company’s variable interest entity relationship with a California based restaurant, the Company incurred a promissory note in the amount of $495,000. The amount payable to the individual, related through the variable interest entity relationship as the mother of the managing member of Credo Ventures, LLC who loaned the monies to Credo Ventures, LLC, at September 30, 2018 is $495,000.
The promissory note bears interest of 10% per annum, has equal monthly payments payable of $10,517 over sixty months maturing on October 17, 2020 and the restaurant equipment is the collateral.
James C. Vowler, President & CEO of Unique Foods Corp., stated, “When the debt was occurred it was paid directly to Credo Ventures and as a result, Unique Foods Corp should not have registered the debt on our books. The removal of this debt is certainly a positive step for the company and combined with all of the other exciting achievements going on with Unique 2019 is starting off great.”
About Unique Foods Corporation:
Unique Foods Corp. partnered with Jack Brewer (Unique Foods Brand Ambassador) & Brewer Media & Entertainment Group in October of 2017. Brewer Media Group was brought on to help build all aspects of the many Unique brands. With a primary focus on the increase of online and retail sales, social media presence and overall content, public persona and awareness, acquire acquisition opportunities and much more. The company has three wholly owned subsidiaries Jose Madrid Salsa, Unique Tap House and PopsyCakes and a Licensing agreement with Christopher Street Products.
The Unique Tap House 39809 Avenida Acacias, Murrieta, CA 92563, To Book your office or birthday party, special event, group reservations or to order food call (951) 445-4769.
Unique Foods Corp.: http://www.UniqueFoods.co
Jose Madrid Salsa: http://www.JoseMadridSalsa.com
Christopher Street Products: http://www.ChristopherStreet.NYC
Safe Harbor Act: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward- looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions. There are no financials in this press release so this is not needed and undermines the release.
For Unique Foods Corp. Investor Relations contact Complete Advisory Partners
Phone: (586) 228- 2290
Fax: (586) 228-6920