Hero Technologies Eliminates Convertible Debt; Company Converts Debt Held by P2B Capital LLC into Common Stock

Rhea-AI Summary

Hero Technologies Inc (OTC PINK:HENC) reported successfully converting $2.293 million of convertible debt into 65,285,714 shares of common stock. This move fully eliminates its outstanding convertible debt with P2B Capital, a company controlled by its majority investor, Dark Alpha Capital LLC. CEO Gina Serkasevich emphasized that this clean balance sheet will aid in future land purchases for cannabis cultivation and potential acquisitions. In addition, Hero has engaged Ease Communications Inc. for investor relations and social media services, signaling a commitment to enhancing shareholder engagement.

Positive

• Elimination of $2.293 million in convertible debt improves balance sheet.
• Conversion into common stock may facilitate future land purchases for cultivation.
• Engagement with Ease Communications indicates focus on investor relations.

Negative

• None.

DOVER, DE / ACCESSWIRE / February 24, 2021 / Hero Technologies Inc. (OTC PINK:HENC) (Twitter: @heroicmindtech), a vertically-integrated "seed-to-sale" cannabis company, today announced that it has converted debt and interest totaling $2.293 million into 65,285,714 shares of common stock. This transaction eliminates the company's outstanding convertible debt in full.

The shares were issued to P2B Capital, which is controlled by Hero Technologies' majority investor, Dark Alpha Capital LLC, in exchange for convertible notes totaling $2,245,000 in principal and approximately $49,000 in interest. Both P2B Capital and Dark Alpha Capital are controlled by Mr. Destiny Aigbe.

In a parallel development, Hero Technologies retained Ease Communications Inc. to perform investor relations and social media services.

"We are sensitive to the needs of all shareholders, including legacy shareholders of Holloman Value Holdings, which we acquired in a reverse merger in 2020," said Hero Technologies' CEO Gina Serkasevich. "By eliminating convertible debt, we gain a clean balance sheet, which should facilitate land purchases for more cannabis cultivation and potential strategic acquisitions. We view this conversion of debt into common stock as a long-term commitment to the health and value of our company."

About Hero Technologies

Hero Technologies Inc. is a cannabis company with a vertically-integrated business model. The company has a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal growing conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased harvest efficiencies. The company's business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging and retail operations, and dispensaries that make the company a multi-state operator (MSO).

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include: management plans relating to the proposed project; the expected timing of the completion of the proposed project; the ability to complete the proposed project; any statements of the plans and objectives of management for future operations, products or services, including the execution of plans proposed project; any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "outlook," "plan," "project," "seek," "should," "target," "will," "would" and other similar words and expressions or negatives of these words. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Neither Hero Technologies Inc. nor its holding company or subsidiaries assumes any duty and does not undertake to update any forward-looking statements. Because forward-looking statements, by their nature, are uncertain or assumptive to varying degrees, actual results or future events could differ, possibly materially, from those that Hero Technologies Inc., its holding company or subsidiaries anticipated in the forward-looking statements, and future results could differ materially from historical performance.

Hero Technologies Contact:

Ms. Gina Serkasevich, CEO
(302) 538-4165 | info@herotechnologiesinc.com

SOURCE: Hero Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/631512/Hero-Technologies-Eliminates-Convertible-Debt-Company-Converts-Debt-Held-by-P2B-Capital-LLC-into-Common-Stock

FAQ

What is the recent development for Hero Technologies (HENC) regarding their convertible debt?

Hero Technologies has converted $2.293 million of convertible debt into 65,285,714 shares of common stock, eliminating all outstanding convertible debt.

Who is the majority investor controlling P2B Capital in the HENC news?

Dark Alpha Capital LLC, controlled by Mr. Destiny Aigbe, is the majority investor.

How does the debt conversion affect Hero Technologies' future plans?

The conversion provides a clean balance sheet, potentially facilitating land purchases for cannabis cultivation and strategic acquisitions.

Which firm has Hero Technologies hired for investor relations?

Hero Technologies has retained Ease Communications Inc. for investor relations and social media services.