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
NOTE TO INVESTORS: The latest news and updates relating to SNWR are available in the company’s newsroom at https://nnw.fm/SNWR
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)
For more information please visit https://www.networknewswire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.networknewswire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork
