Branded Legacy, Inc. Eliminates Over Three Hundred Twenty Thousand in Debt

Rhea-AI Summary

Branded Legacy, Inc. (OTCQB: BLEG) has successfully reduced its debt by $232,280, leaving only $15,470 in promissory notes. This move follows negotiations with a debt holder to convert the remaining obligations into preferred stock. Brandon White, President, expressed optimism about the company's progress in revenue generation, emphasizing improved cash flow and product portfolio development. Branded Legacy continues to focus on its hemp and CBD product lines, aiming to enhance market presence.

Positive

• Eliminated $232,280 in debt, significantly reducing financial liabilities.
• Currently has only $15,470 in promissory notes, showing strong financial management.
• Management indicates progression in revenue, suggesting potential for future growth.

Negative

• None.

ORLANDO, FL, April 26, 2022 (GLOBE NEWSWIRE) -- Branded Legacy, Inc. (OTCQB: BLEG), a holding company focused on the commercial development of hemp and cannabinoid-infused beverages, along with an array of CBD topicals and tinctures is pleased to announce it has eliminated three hundred twenty-three thousand two hundred and eighty dollars ($232,280) in debt, reducing the Company’s promissory notes to fifteen thousand four hundred and seventy dollars ($15,470).

Branded Legacy Inc.'s management team negotiated with a debt holder to pay off all its notes in 2021 and several from 2020 by issuing preferred stock with a one-year vesting period. The Company is working to remove its remaining liabilities of fifteen thousand four hundred and seventy dollars ($15,470) which would remove all notes from the balance sheet.

Brandon White, President of Branded Legacy, Inc., stated, “I am grateful to announce the retirement of this debt. The Company is already showing progression in its revenues, and it feels good to not be held back by this liability. We are preparing our sales team with a portfolio of products that will continue to grow Company sales and continuously improve its cash flow."
 
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 has a mission to help companies enter the Hemp and CBD markets by leveraging the buying power of multiple companies. In doing this it brings lower costs and minimum order quantities (MOQ) to our customers. The Company believes that reducing the money that gets tied up in inventory allows for increased marketing spend for small business owners. Versatile Industries feels compelled to help businesses enter new markets by limiting the cost of entry while maintaining profitable margins, creating a recipe for long term business partnerships. 
 
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 improvement did Branded Legacy (BLEG) announce?

Branded Legacy announced a reduction of $232,280 in debt, leaving only $15,470 in promissory notes.

How does Branded Legacy's debt reduction impact its financial health?

The debt reduction improves Branded Legacy's financial health by lowering liabilities, allowing for better cash flow and operational flexibility.

What is Branded Legacy's strategy after eliminating debt?

Branded Legacy is focusing on developing its product portfolio and enhancing revenue generation following the debt elimination.

What is the remaining debt for Branded Legacy (BLEG) as of the latest announcement?

As of the latest announcement, Branded Legacy has $15,470 left in promissory notes.