Image Protect Announces Debt Forgiveness in Excess of $1,400,000 Clearing the Path for Pending New Business Development

Rhea-AI Summary

Image Protect Inc. announces forgiveness of over $1.4 million of convertible debt by its largest lender, reducing potential dilution for existing shareholders. Clears path for pending joint venture/acquisition of a national brand in the technology sector to be announced within two weeks.

Positive

• Forgiveness of $1.4 million convertible debt reduces dilution for shareholders
• Pending joint venture/acquisition of national brand in tech sector

Negative

• None.

NEW YORK, NY, Sept. 26, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Image Protect Inc. (OTC:IMTL) (Imageprotect.com) (“Image Protect” or the “Company”), a global leader in the end-to-end copyright infringement sector, is pleased to announce that during the current second quarter, in excess of $1,400,000 of convertible debt, principal and accrued interest has been forgiven by its largest lender.

On May 2, 2023, a judgment was entered against GPL Ventures and other GPL parties in a case captioned SEC v. GPL Ventures et al., 21 Civ. 6814 (S.D.N.Y.).   The judgment requires GPL Ventures to surrender to Image Protect Inc. all unconverted convertible notes in their entirety as identified in an appendix to the judgment.  The final numbers are reflected in the company’s most recent financial statements filed with OTCMarkets.com.

“CEO James Ballas states: “This is a significant financial development and marks a positive step toward ensuring the financial health of the company. This reduces the potential of future dilution for existing shareholders and clears the path for a pending joint venture/acquisition of an established national brand in the technology sector that the Company expects to be announcing within the next two weeks.”

The Company looks forward to providing news of its imminent new business development within the next two weeks.

About Image Protect

Image Protect (IMTL) is a tech and media company with a focus on digital assets. The Company's unique digital asset library and proprietary technology was developed by company subsidiary Fotofy. The Company owns and operates www.legendNFTs.io which is an auction for NFTs of Hip Hop Artist and major Sports figures. The Company has been developing Tokentunz as a site for Music NFTs.

Safe Harbor Provision

Cautionary statement for purposes of the 'Safe Harbor' provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties, and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties, and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.

Investor Relations
Info@imageprotectcorporation.com

SOURCE: Image Protect, Inc.