Black Bird Biotech Provides Corporate Update, Following Completion of Funding Round and Repayment of Convertible Debt

Rhea-AI Summary

Black Bird Biotech, Inc. (OTC PINK: BBBT) has provided an update following the completion of its Regulation A funding round. The company repaid approximately $700,000 in convertible debt, leaving nearly $1 million for MiteXstream^TM sales investment. President Fabian Deneault emphasized the strong financial position to enhance shareholder value through sales and marketing efforts. BBBT is pursuing an uplisting to the OTCQB Venture Market, hopeful for approval soon. MiteXstream^TM, an EPA-registered biopesticide, is aimed at eradicating agricultural pests safely.

Positive

• Repayment of approximately $700,000 in convertible debt improves financial stability.
• Nearly $1 million available for MiteXstream^TM sales investment indicates strong cash flow.
• Hiring of a National Sales GM to enhance sales and marketing efforts.
• Pursuit of OTCQB uplisting shows ambition for market visibility and growth.

Negative

• None.

FLOWER MOUND, TX / ACCESSWIRE / November 10, 2021 / Black Bird Biotech, Inc. (OTC PINK:BBBT), manufacturer of plant-based MiteXstream^TM biopesticide, today updated its current status and ongoing progress, following the completion of its current Regulation A funding round. With a portion of the offering proceeds, the company has repaid approximately $700,000 in convertible debt instruments, leaving nearly $1 million available for immediate investment in driving MiteXstream^TM sales.

"Our company is now on a financial footing that will allow us to build shareholder value, in a meaningful way, through significant investments in sales and marketing efforts under the direction of our recently hired National Sales GM and in our MiteXstream^TM inventory levels," said Fabian Deneault, BBBT's President. "Although we have a relatively small amount of remaining debt, we have cash on hand to pay all of that debt as it comes due."

As a further update, the company addressed the status of its pending application for uplisting to the OTCQB Venture Market. "We continue our pursuit of the OTCQB uplisting, having recently submitted what we believe will turn out to be the last supplemental information before approval," said Eric Newlan, BBBT's Vice President and General Counsel. "The OTC Markets team has been overwhelmed with filings this year, but they continue to process these filings in a workmanlike fashion, and we remain hopeful of approval in the near future."

MiteXstream^TM is available for purchase online at www.mitexstream.com. Also, the website includes a MiteXstream 101 link that provides a clear explanation of MiteXstream^TM.

For news and updates, shareholders, prospective investors and prospective business partners are encouraged to follow @BBBT_Corporate on Twitter (https://twitter.com/BBBT_Corporate). Also visit BBBT's corporate website, https://blackbirdbiotech.com, for additional information about the company.

About BBBT

Black Bird Biotech is positioned to exploit market segments with powerful, re-imagined biotech products. Its EPA-registered biopesticide, MiteXstream^TM, eradicates mites and similar pests, including spider mites (a lethal pest in cannabis, grapes, hops, coffee, strawberries and many other agricultural crops), and eliminates molds and mildews. MiteXstream^TM is a pesticide, but it is not a poison - it's a pesticide re-imagined. The MiteXstream^TM Edge: use through the day of harvest without concern for residual "pesticide" violations, including in state cannabis testing. MiteXstream^TM is the foundational element of the company that carries vast potential worldwide as a highly effective, safe and extremely cost-effective replacement for many traditional "poisonous" pesticides.

Forward Looking Statements:

This current press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Eric Newlan
Vice President
833-223-4204
eric@newlan.com
www.blackbirdbiotech.com

SOURCE: Black Bird Biotech, Inc.

View source version on accesswire.com:
https://www.accesswire.com/672108/Black-Bird-Biotech-Provides-Corporate-Update-Following-Completion-of-Funding-Round-and-Repayment-of-Convertible-Debt

FAQ

What recent financial updates did Black Bird Biotech (BBBT) provide?

Black Bird Biotech reported the repayment of approximately $700,000 in convertible debt and has nearly $1 million available for further investment in MiteXstream^TM sales.

Is Black Bird Biotech (BBBT) pursuing an uplisting?

Yes, BBBT is currently pursuing an uplisting to the OTCQB Venture Market and has submitted what it believes to be the final supplemental information for approval.

What is MiteXstream^TM and how does it benefit agriculture?

MiteXstream^TM is an EPA-registered biopesticide designed to eradicate pests like spider mites without concerns of harmful residues, making it a safe choice for agricultural use.