Sanwire Announces Debt Retirement and Enhanced Distribution Network Which Includes iTunes, Spotify, and Apple Music
Sanwire Corporation (OTC PINK:SNWR) announced the retirement of $415,000 in long-term debt, converting a convertible note into Series C Preferred Stock. This debt retirement, impacting over 34% of their long-term obligations, is part of a plan to strengthen the balance sheet and attract investors. CEO Chris Whitcomb highlighted potential for enhanced service offerings and growth via its subsidiary, Intercept Music, which focuses on independent artist support and is rapidly transitioning to revenue generation. The financial impact will be detailed in upcoming filings.
- Retirement of $415,000 convertible note, improving balance sheet.
- Reduction of long-term debt by over 34%.
- Potential for enhanced service offerings and broader distribution network.
- None.
LOS ANGELES, CA / ACCESSWIRE / August 19, 2020 / Sanwire Corporation, ("Sanwire" or "the Company") (OTC PINK:SNWR), a diversified company with a focus on technologies for the entertainment industry, is pleased to announce the retirement of
The Company reached an agreement with the Note holder to retire
"Following the removal of this debt obligation, the balance sheet will be in a better position for future investments and potential merger and acquisition transactions," stated Mr. Chris Whitcomb, CEO of Sanwire. "This will lead the way to enhanced service offerings and a broader distribution network which already includes iTunes, Spotify, Apple Music, Amazon Music, and many more."
Intercept Music, Inc. ("Intercept"), wholly owned subsidiary of Sanwire, has progressed rapidly from development stage to product commercialization to revenue generation in a short timeframe. Intercept is embarking on a rapid growth plan that includes revenue expansion from existing markets, accelerated customer acquisition, new industry partnerships, and penetration of new markets. To support Intercept's business plan, Sanwire is working on a multi-dimensional plan to attract seasoned investors and enhance Sanwire's balance sheet while minimizing shareholder dilution.
"We are very pleased to further unencumber the Company via this beneficial debt restructuring which represented over
About Intercept Music, Inc.
Intercept Music, Inc. is an entertainment technology company dedicated to helping independent artists effectively distribute, market, and monetize their music. Sold through a Software as a Service (Saas) model, Intercept's online platform delivers an unsurpassed combination of marketing, promotion, and distribution to hundreds of stores worldwide and every major streaming service, including Apple Music, Google Music, Pandora and Spotify. Intercept's options include full-service, concierge-style support and even one-on-one coaching from award-winning music industry professionals. Intercept focuses exclusively on the independent music market, which is estimated at 12 million artists, and is the fastest-growing sector of the music industry. For more information, visit interceptmusic.com.
About Sanwire Corporation
Sanwire Corporation (OTC PINK:SNWR), a diversified company with a focus on the entertainment industry, has been involved in aggregating technologies for a number of years. We look for opportunities in fragmented markets, where technology can be applied to consolidate services into a single platform of delivery. Our current focus is advanced entertainment technologies. For more information, visit sanwirecorporation.com.
For further inquiries, contact ir@sanwirecorporation.com, casper.casparian@interceptmusic.com, or (424) 835-0833.
Safe Harbor Statement
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SOURCE: Sanwire Corporation
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