Clubhouse Media Group, Inc. Announces Third Reduction In Company Debt In December 2022

Rhea-AI Summary

Clubhouse Media Group has successfully reduced its outstanding debt by $104,000, bringing the total remaining debt to approximately $4.65 million (excluding accrued interest). This debt reduction underscores the company's commitment to strengthening its balance sheet, as stated by CFO Scott Hoey. The company specializes in influencer marketing and digital talent management, providing various services including deal-making and management for influencers and brands.

Positive

• Reduced outstanding debt by $104,000, improving financial stability.
• Total remaining debt decreased to approximately $4.65 million, excluding interest.

Negative

• None.

LOS ANGELES, Dec. 22, 2022 /PRNewswire/ -- Clubhouse Media Group, Inc. (OTCMKTS: CMGR) ("Clubhouse Media"), an influencer-based social media firm and digital talent management agency, today announced that it has reduced its outstanding debt by approximately $104 thousand.  Clubhouse Media's outstanding debt to noteholders remains approximately $4.65 million (not including accrued interest), following the reduction.

Management Commentary

"This deal further exhibits our efforts to continue reducing the overall debt and strengthening our balance sheet for the long term benefit of the company and its shareholders" said Scott Hoey, Chief Financial Officer of Clubhouse Media.

About Clubhouse Media Group, Inc.

Clubhouse Media offers and deal-making services, a management division for brands and individual influencer clients, and an investment arm for joint ventures and acquisitions for companies in the social media influencer space.

FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements". Forward-looking statements also may be included in other publicly available documents issued by Clubhouse Media and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.

Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause Clubhouse Media's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for Clubhouse Media's products and services, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission from time to time, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Securities and Exchange Commission's website at sec.gov. We assume no obligation to update any forward-looking statements contained in this press release.

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SOURCE Clubhouse Media Group, Inc.

FAQ

What recent financial step did Clubhouse Media Group take regarding its debt?

Clubhouse Media Group reduced its outstanding debt by $104,000, lowering total debt to approximately $4.65 million.

Who commented on Clubhouse Media Group's debt reduction?

CFO Scott Hoey commented on the company's efforts to reduce debt and strengthen the balance sheet.

What is the remaining debt of Clubhouse Media Group after the reduction?

The remaining debt of Clubhouse Media Group is approximately $4.65 million, not including accrued interest.

When did Clubhouse Media Group announce its debt reduction?

Clubhouse Media Group announced its debt reduction on December 22, 2022.

What type of services does Clubhouse Media Group provide?

Clubhouse Media Group offers influencer marketing, digital talent management, deal-making services, and investment opportunities.