Bergio International, Inc. Announces 90% Authorized Share Reduction

Rhea-AI Summary

Bergio International, Inc. (OTC PINK:BRGO) announced a significant 90% reduction in authorized shares from 10 billion to 1 billion, reflecting proactive measures to prevent dilution. The company settled with its largest note holder, saving $175,000 and continuing to resolve convertible debts through non-dilutive cash settlements. In addition, Q4 revenues have shown strong growth compared to last year, accompanied by improved gross margins.

Positive

• 90% reduction in authorized shares from 10 billion to 1 billion, preventing dilution.
• Saved $175,000 by settling with the largest note holder.
• Significant revenue increase in Q4 compared to the previous year.

Negative

• None.

Record Start to Q4 And Continued Non-Dilutive Debt Settlements

FAIRFIELD, NJ / ACCESSWIRE / November 5, 2020 / Bergio International, Inc. (OTC PINK:BRGO) - Bergio International filled on October 26, 2020 with the Secretary of State of Wyoming to decrease the authorize from 10 Billion to 1 Billion shares. In addition, convertible debts continue to be settled for cash payments, avoiding further dilution.

Berge Abajian, CEO of Bergio International Inc, stated "Now that we've settled with Illiad, the largest note holder in Bergio, and saved the company $175,000.00, while also preventing dilution from conversions, the decrease in the authorize is the proper thing to do." He added "I've been working diligently, negotiating with the rest of the note holders. We've already settled with Fidelis Capital, and working on settling the remainder also 111 Recovery note has been satisfied . Our revenues for the first month of the 4th quarter are way ahead of last year's numbers with higher gross margins."

About Bergio International, Inc.

Bergio is a leading diversified jewelry designer and manufacturer of fine jewelry. Established in 1995, Bergio's signature innovative design, coupled with extraordinary diamonds and precious stones, earns the Company recognition as a highly sought-after purveyor of rare and exquisite treasures from around the world. Under the Bergio umbrella exist three separate, but equally exciting collections - Bergio Fine, Bridal and Bergio Couture. Manufactured in the United States and Italy, Bergio fine jewelry is recognized worldwide for the highest standards of craftsmanship.

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:

Bergio International, Inc.
Investor Relations
973-227-3230

SOURCE: Bergio International, Inc.

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https://www.accesswire.com/614508/Bergio-International-Inc-Announces-90-Authorized-Share-Reduction

FAQ

What is Bergio International's recent authorized share reduction?

Bergio International reduced its authorized shares by 90%, from 10 billion to 1 billion.

How much did Bergio save by settling with its largest note holder?

Bergio saved $175,000 by settling with the largest note holder, Illiad.

What are the recent revenue trends for Bergio International in Q4?

Bergio reported that Q4 revenues are significantly ahead of last year's numbers with higher gross margins.