Forza Innovations Inc. Completes $600,000 Capital Raise and Secures $5,000,000 Equity Financing

Rhea-AI Summary

Forza Innovations Inc. (OTC Pink: FORZ) has secured an equity line of credit up to $5,000,000 and completed a capital raise of approximately $600,000 to support its team expansion and product development. The new financing terms are more favorable than those announced previously. CEO Johnny Forzani expressed optimism about leveraging these funds for operational advancements and new product innovations. Forza specializes in health-tech wearable performance devices, including its WarmUp back compression products, aimed at alleviating joint stiffness and inflammation.

Positive

• Secured equity line of credit up to $5,000,000.
• Completed a capital raise of approximately $600,000.
• More favorable financing terms than previous announcements.
• Expansion of team and operations planned, enhancing product development.

Negative

• None.

Calgary, Alberta, Jan. 31, 2022 (GLOBE NEWSWIRE) -- NewMediaWire -- Forza Innovations Inc.  (OTC Pink: FORZ) (the “Company”) is pleased to announce that it has secured an equity line of credit up to $5,000,000. This new equity financing has more favorable terms to the previously announced financing disseminated October 26, 2021.  Forza is also pleased to announce that we have completed a capital raise of close to $600,000 to fund the Company's expanding team of experts, innovative new products and continued operations. Further information about the Financing Documents can be found in the Form 8-K that the Company has filed with the SEC on January 14, 2022, January 25, 2022 and January 28, 2022.

Forza’s Chief Executive Officer, Johnny Forzani, commented, “Our company is finally financially ready to be in a position to get the wheels spinning and make some serious moves forward. We plan to utilize the financing opportunities to expand and refine our team, operations and products. As a product designer that has two patents, I am certain that we are able to create more patentable technology with our team and facilities we are assembling which will include experts in the electrical engineering and textile field.” 

Forza is future focused and excited for what is to come including our new workspace and website. The Company continues to develop and refine our core WarmUp product line and Handlelife Heavyball by working closely with overseas partners and manufacturing facilities. Whether you are an elite athlete or individual simply looking for solutions to combat the impact of daily life, our suite of innovative products are here to help you, so you can be at the top of your game, no matter what your game might be. 

About Forza Innovations Inc.

The Company is in the health-tech wearable performance business.  The Company has acquired all of the ownership and the rights to certain late, developmental stage, WarmUp products.  WarmUp are cutting edge, innovative, wearable, back compression devices.  The therapeutic application of heat causes a change in temperature of the soft tissues which decreases joint stiffness and relieves inflammation. 

Please refer to the Company's website www.forzainnovates.com.

For further information please contact the Company at: info@forzainnovates.com

On behalf of the Board,

Forza Innovations Inc. 

Johnny Forzani, President & Chief Executive Officer

Forward-Looking Statements

Some of the statements contained in this press release constitute forward-looking statements.  Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding the closing of the exchange agreements and expected reduction in our total outstanding debt and annual interest payments.  In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology.  The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement.  Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, activity levels, performance, or achievements.  Readers are cautioned not to place undue reliance on these forward-looking statements.  We discuss many of these risks in greater detail under the heading "Risk Factors" in the quarterly and annual reports filed with the Securities and Exchange Commission (SEC).  The forward-looking statements contained in this press release reflect our views and assumptions only as of the date of this press release.  We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

FAQ

What is the significance of Forza Innovations securing a $5 million credit line?

It provides crucial funding for expansion and product development, indicating financial stability for Forza Innovations.

When was the capital raise announcement made by Forza Innovations?

The capital raise of approximately $600,000 was announced on January 31, 2022.

What products does Forza Innovations focus on?

Forza Innovations specializes in health-tech wearable performance devices, particularly back compression products under the WarmUp brand.

Who is the CEO of Forza Innovations?

Johnny Forzani is the CEO of Forza Innovations Inc.

How does Forza Innovations plan to use the new financing?

The financing will be utilized to expand the team, refine operations, and develop new products.