American Films Strengthens Balance Sheet Through Redemption of 13.4 Million Shares of Common Stock and $1.2 Million Debt Reduction

Rhea-AI Summary

American Films, Inc. (AMFL) has announced the redemption of 13,421,000 shares of its common stock, effectively reducing the total shares outstanding by approximately 20%. Additionally, the company has successfully cut its legacy debt by over $1.2 million, approximately 68%, since the end of fiscal year 2021. CFO Jamie Warren stated that these efforts are aimed at improving the company's financial health, while President Geoff Lee emphasized the relevance of these steps to enhance shareholder value and support the company's growth strategy in intellectual property protection and monetization.

Positive

• Redemption of 13,421,000 shares, reducing shares outstanding by approximately 20%.
• Reduction of legacy debt by over $1.2 million, or approximately 68%, since fiscal year end 2021.

Negative

• None.

BAY HARBOR, FL / ACCESSWIRE / August 16, 2022 / American Films, Inc. (OTC PINK:AMFL) ("AFI" or the "Company") today announced that it has redeemed 13,421,000 shares of its common stock, which will reduce its total shares issued and outstanding by approximately 20%. Additionally, the Company has reduced its legacy debt balances by over $1.2 million, or approximately 68%, since fiscal year end 2021.

AFI's Chief Financial Officer Jamie Warren said, "Considerable focus over the past several months has been placed on transitioning AFI's financial position to more healthy capitalization levels. This activity strengthens the Company's balance sheet and drives value for our shareholders."

"The management team's key focus is on maximizing value for AFI's shareholders as we deliver on the Company's global strategy around IP protection and monetization," said Geoff Lee, President and Chief Executive Officer of AFI. Lee added, "This material debt reduction and share redemption is a positive development for the Company as it moves into its next phase of growth."

About American Films
American Films owns, develops, and acquires intellectual property, which it seeks to monetize at higher rates through proprietary technology, litigation, and asset digitization. Its unique proprietary processes and technology include FACTERRA, a web-based evidence gathering program that identifies instances of copyright infringement and allows American Films to pursue intellectual property protection litigation on behalf of copyright owners. American Films supports the creative process and protects intellectual property in the film and music industries. For more information, visit https://americanfilms.us/.

American Films Media Contacts
Tom Murphy
(508) 579-4716
info@americanfilms.us

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SOURCE: American Films, Inc.

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FAQ

What is American Films, Inc. (AMFL) doing to improve its financial position?

American Films has redeemed 13,421,000 shares of its common stock, reducing total shares outstanding by about 20%, and has reduced its legacy debt by over $1.2 million since FY 2021.

How much has American Films (AMFL) reduced its debt?

American Films has reduced its legacy debt by over $1.2 million, which is approximately 68% since the end of fiscal year 2021.

What percentage of shares has American Films (AMFL) redeemed?

American Films has redeemed approximately 20% of its total outstanding shares by redeeming 13,421,000 shares.

What is the significance of share redemption for investors of American Films (AMFL)?

The share redemption is expected to strengthen the balance sheet and enhance shareholder value for investors.