Sanwire (OTC: SNWR), focused on technologies for the entertainment industry, today announced that it has reached agreements with multiple stakeholders to reduce the company’s outstanding debt by approximately $750,000 in principal and interest. The stakeholders, representing founding members, management team and early investors of Intercept Music Inc., a 100% wholly-owned subsidiary of Sanwire, have agreed to exchange their debt for equity in the company. According to the update, the transaction will be booked in the company’s fourth quarter 2020 financial statement and posted in its year-end disclosure statement filing. “We continue to explore ways to enhance our balance sheet to attract strategic capital infusion that will expedite market penetration, expanded product/service offerings, and a broader distribution network which already includes Amazon Music, Walmart, Target iTunes, Spotify, Apple Music, Tik Tok, and many more,” said Chris Whitcomb, CEO of Sanwire. “This debt reduction is a testament of the stakeholders’ faith in Sanwire‘s vision, business plan execution and the growth we attained since March 2020.”
To view the full press release, visit https://nnw.fm/SMO4k
About Sanwire Corp.
Sanwire, a diversified company with a focus on technologies for the entertainment industry, has been involved in aggregating technologies for a number of years. The company looks for opportunities in fragmented markets where technology can be applied to consolidate services into a single platform of delivery. Sanwire’s current focus is advanced entertainment technologies. For more information about the company, visit www.SanwireCorporation.com
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