Sanwire Corporation Retires an Additional $750,000 of Debt as it Explores Strategic Partnerships and Alliances
Sanwire Corporation (OTC PINK:SNWR) has announced the retirement of approximately $750,000 in debt from various stakeholders, including founding members and early investors of its subsidiary, Intercept Music. This marks the company’s second debt retirement in 2020, totaling around $1,165,000 for the year. The debt reduction is aimed at enhancing the company’s balance sheet and facilitating strategic growth opportunities, including partnerships and market expansion. Intercept's platform serves independent artists, providing distribution and promotional services across major streaming platforms.
- Retired approximately $750,000 in debt, bringing total for 2020 to $1,165,000.
- Improves balance sheet, potentially attracting strategic capital infusion.
- Supports growth strategy through partnerships and expanded service offerings.
- None.
LOS ANGELES, CA / ACCESSWIRE / December 1, 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 that it has reached agreements with multiple stakeholders (the "Stakeholders") to reduce the Company's outstanding debt by approximately
This is Sanwire's second debt retirement in 2020. In a press release dated August 19, 2020, Sanwire announced its first debt retirement of approximately
The debt reduction coupled with an attractive share capital structure comprised of 90,291,482 Unrestricted/public float shares, of which 51,119,975 shares are held in DTC (actual tradable float by the public) and 611,403,898 Restricted shares (mostly held by insiders). Sanwire is well-positioned to execute on its growth strategy through strategic partnerships, alliances, mergers and acquisitions, and senior investments.
"We continue to explore ways to enhance our balance sheet to attract strategic capital infusion that will expedite market penetration, expanded product/service offerings, and a broader distribution network which already includes Amazon Music, Walmart, Target iTunes, Spotify, Apple Music, Tik Tok, and many more," said Mr. Chris Whitcomb, CEO of Sanwire. "This debt reduction is a testament of the Stakeholders' faith in Sanwire‘s vision, business plan execution, and the growth we attained since March 2020."
Intercept's online platform is dedicated to helping independent artists and bands effectively distribute, promote, and earn income from their music. Intercept's platform gives artists immediate access to hundreds of digital stores and every major streaming platform, including Spotify, Apple Music, Amazon Music, Pandora and Google Music. In addition to powerful DIY social media marketing and promotional tools available on a monthly subscription model, the invitation-only Intercept Plus program offers fully managed promotional services, including the opportunity to sell merchandise through branded online stores.
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 technologies for 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.
Twitter: www.twitter.com/intercept_music
Instagram: Instagram.com/interceptmusic
Safe Harbor Statement: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Act of 1934, as amended. All statements regarding our expected future financial positions, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, listing on the OTC Markets, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Sanwire Corporation
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