Company has reduced its convertible debt by $1.2mm in the last 30 days
NEW YORK, June 14, 2021 /PRNewswire/ -- In yet another move that considerably strengthens its balance sheet on its unrelenting quest to uplist to the OTCQB trading platform, VNUE, Inc. (OTC: VNUE) announced today that two more convertible debt holders, long-term investors, have converted their notes into restricted common shares, bringing the total debt reduction in the last 30 days to over $1.2mm.
The conversion and cancellation of both notes lowers the company's debt by another $238,616, and the company has no further financial obligation to the holders. Per the recent announcement concerning VNUE's largest creditor, Ylimit, which converted $963,000 of its debt into restricted common shares of the company, these conversions were also accomplished at a rate .014 per share.
CEO Zach Bair said, "I am doing everything I can to consolidate and clean up the company's balance sheet so that regulators can see that we mean business, and that we are working for the shareholder's interests'. This positive action also shows the confidence in which our creditors have in our company and its leadership. And to reiterate what I have stated numerous times, there are no plans for a reverse split. I firmly believe in execution to build value, and as I have stated many times, good things take time, especially when you are dealing with cutting edge technology in a large market space. I believe in doing things the right way, and do not believe in artificial means of improving the stock price. There are no short cuts."
About VNUE, Inc. (www.vnue.com)
VNUE, Inc., (OTC: VNUE) is a cutting-edge music technology company dedicated to further monetizing the live music experience for artists, writers, labels, publishers, fans, venues, and all stakeholders by creating new and exciting live music experiences, and by working to ensure the correct rights holders are being fairly compensated. The company is the exclusive licensee of DiscLive Network (www.disclive.net), the pioneer in "instant live" recording, and the owner and operator of Set.fm (www.set.fm), our innovative "instant" music delivery app platform. VNUE is also rolling out disruptive technology called Soundstr (www.soundstr.com), a cloud-based platform utilizing AI and other means which identifies music played in bars, restaurants, radio stations, and other businesses, and will ensure these businesses pay only their fair share for music licensing, while at the same time, ensuring songwriters and artists are paid for their work – creating a fully transparent performing rights ecosystem. The VNUE team is led by CEO and Chairman Zach Bair, a veteran music and tech entrepreneur and recording artist (www.zachbairmusic.com). VNUE is made up of a group of technologists, artists, songwriters, performing musicians, music and touring executives, and of course fans, who are passionate about the future of the music industry.
SOURCE VNUE, Inc.