Bergio International Announces Settlement of Convertible Debt
Bergio International (OTC PINK:BRGO) announced a settlement agreement with Iliad Research and Trading to resolve $474,000 in convertible debt. The company will pay $300,000 in monthly installments of $50,000 starting September 15, 2020. This settlement reduces the company's debt by approximately $329,000 and accrued interest by $145,000. CEO Berge Abajian highlighted that this move is part of their strategy to strengthen the balance sheet and pursue traditional financing for growth.
- Reduction of convertible debt by approximately $329,000.
- Decrease of accrued interest by approximately $145,000.
- Strengthening of the company's balance sheet.
- None.
FAIRFIELD, NJ / ACCESSWIRE / August 13, 2020 / Bergio International, Inc. ("Bergio", or the "Company") (OTC PINK:BRGO), a leading designer, manufacturer and retail outlet for the Bergio Brand of designer jewelry, including exquisite collections of rings, necklaces, earrings, and other fine accessories, is pleased to announce that is has come to an agreement with one its largest debtors to settle its outstanding convertible debt.
Under the terms of the Agreement, the Company and Iliad Research and Trading, L.P. ("Illiad") agreed to settle approximately
Mr. Berge Abajian, President & CEO stated "we are pleased to negotiate this settlement of convertible debt. This is the beginning of our efforts to transform our balance sheet as we move forward. We appreciate the support of Illiad and its management team over the years."
He continues, "The considerable reduction of
He added, "I appreciate all the support from our shareholders and wishing all to stay safe thru this tough times, bright future is ahead ".
About Bergio International, Inc.
The Bergio brand is our most important asset. The Bergio brand is associated with high-quality, handcrafted and individually designed pieces with European sensibility, Italian craftsmanship and a bold flair for the unexpected. Bergio, is one of the most coveted brands of fine jewelry. Established in 1995, Bergio's signature innovative design, coupled with extraordinary diamonds and precious stones, earned the company recognition as a highly sought-after purveyor of rare and exquisite treasures from around the globe. As President, CEO and Head Designer of Bergio, Berge Abajian performs a highly successful balancing act, accomplished with equal parts precision and passion. An informed and inspirational leader, Berge directs the company with the eye and soul of a designer and the mind of a businessman. The role that is perhaps closest to his heart, however, is that of designer. With family jewelry roots reaching back the 1930s, Berge is a third generation jeweler and a purist when it comes to design. Berge's understanding of every aspect, in both design and manufacturing, creates collections that are nothing short of peerless in craftsmanship and style. Berge creates a collection, he looks well beyond the drawing board. Berge focuses on the woman who will ultimately wear his pieces, bringing to creation a magnificent piece of jewelry that reflects the beauty and vitality a woman possesses. Bergio creations are a seamless blend of classic elegance and subtle flair, adding to a woman's charm while never overpowering her.
It is our intention to establish Bergio as a holding company for the purpose of establishing retails stores worldwide. Our branded product lines are products and/or collections designed by our designer and CEO Berge Abajian and will be the centerpiece of our retail stores. We also intend to complement our own quality-designed jewelry with other products and our own specially-designed handbags. This is in line with our strategy and belief that a brand name can create an association with innovation, design and quality which helps add value to the individual products as well as facilitate the introduction of new products.
For further information please visit our website at www.bergio.com.
This press release includes statements that are not historical in nature and may be characterized as "forward-looking statements," including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company's outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company's previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the "Act") protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Contact:
Berge Abajian
Bergio International, Inc.
(973) 227-3230
berge@bergio.com
SOURCE: Bergio International, Inc.
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