Branded Legacy, Inc. Eliminates Over 430 Thousand In Debt In 2022

Rhea-AI Summary

Branded Legacy, Inc. (OTCQB: BLEG) announced the removal of $436,119 in debt from its balance sheet in 2022, reducing liabilities by $112,839 recently. The company's strategic move aims to improve its financial health, making the share structure more attractive to investors and expediting its journey towards cash flow positivity. CEO Jermain Strong expressed optimism about these developments, highlighting the potential for significant growth and added shareholder value.

Positive

• Reduction of total debt by $436,119 bolstering financial stability.
• Recent liability reduction of $112,839 enhances balance sheet health.
• Improvement in share structure appealing to new investors.

Negative

• None.

Company Removes All Promissory Notes

Orlando, FL, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Branded Legacy, Inc. (OTCQB: BLEG), a holding company focused on the commercial development of cannabinoid-infused products from CBD topicals and tinctures to edibles is pleased to announce it negotiated the removal of four hundred and thirty-six thousand one hundred and nineteen ($436,119) in debt from its balance sheet in 2022. This past week, the Company reduced liabilities by one hundred and twelve thousand eight hundred and thirty-nine ($112,839). 

Branded Legacy, Inc. has previously announced the removal of debt as well as the cancelation of common stock. The Company plans to continue to reduce its issued an outstanding shares of common stock as well as reducing its liabilities. This removal of one hundred and twelve thousand eight hundred and thirty-nine ($112,839) in liabilities helps both the Company and its shareholders.

Jermain Strong, CEO of Branded Legacy, Inc., concluded, “We are excited about the progress we have made this week. We really believe we are positioning Branded Legacy this year for some significant growth. The share structure is looking more advantageous for new investors and the elimination of debts will reduce the time to which it becomes cash flow positive. All of which will add value to our shareholders.” 

About Spikes CBDX: Spikes CBDX is a line of CBD products designed to assist athletes perform better, recover faster, and avoid injuries. The Company believes that post workout recovery, with Spikes CBDX products, can lower inflammation, aid in making your body stronger, and help recover from injuries naturally. The CBD line also targets individuals who are looking for pain relief, better sleep, faster recovery and lowering inflammation. Spikes CBDX provides tinctures, lotions, moisturizer, and cryo-gel roll-ons. To view all the Spikes CBDX products please visit: spikescbdx.com.
 
About Elev8 Hemp: Elev8 Hemp’s mission is simple: craft the highest-quality, organic hemp products for consumers in search of a healthier, happier lifestyle. Everyone needs to get the proper amount of healthy proteins to keep them feeling better and more energetic. We source only the best organic hemp protein powders—naturally full of powerhouse amino acids and Omegas-3, 6, and 9—so we can infuse your daily coffee and tea with an abundance of minerals, vitamins, antioxidants, and fiber. www.elev8hemp.com 
 
About Versatile Industries: Versatile Industries, LLC is an acquisition company used to incubate companies to eventually spin off into their own public vehicles. Currently owns patent for a sports training assembly called The Quickness. Company also owns Astound NMN. By supplementing NMN helps maintain NAD+ levels, ultimately slowing the effects of aging. www.astoundnmn.com. 

Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. 

www.brandedlegacy.com
(407) 337-0642
info@brandedlegacy.com

FAQ

What recent financial moves did Branded Legacy, Inc. (BLEG) announce?

Branded Legacy, Inc. announced the removal of $436,119 in debt from its balance sheet and a recent reduction of liabilities by $112,839.

How does the debt removal impact Branded Legacy, Inc. (BLEG) shareholders?

The debt removal is expected to add value to shareholders by improving financial health and facilitating cash flow positivity.

What did CEO Jermain Strong say about Branded Legacy, Inc. (BLEG) plans?

CEO Jermain Strong expressed excitement about the company's progress and emphasized the potential for significant growth this year.