VNUE's Largest Creditor Converts $963,000 Of Debt Into Equity
VNUE, Inc. (OTCQB: VNUE) announced that its largest investor, YLimit, LLC, has converted $963,000 of debt to equity, which is approximately 60% of its total debt of $1.6 million. The conversion price is set at $0.014 per common share and $1.20 per Series A Preferred Share. This move strengthens VNUE's balance sheet and liquidity, aiding their goals for an uplisting to the OTCQB trading platform. YLimit's long-term commitment reinforces confidence in VNUE’s leadership and growth strategy under CEO Zach Bair.
- YLimit converts $963,000 of debt, improving the balance sheet.
- Strengthens liquidity and supports uplisting goals to OTCQB.
- YLimit becomes a long-term equity holder, indicating investor confidence.
- None.
NEW YORK, May 17, 2021 /PRNewswire/ -- VNUE, Inc. (OTCQB: VNUE) announced today that its largest and earliest investor, YLimit, LLC, has converted
The move significantly strengthens the Company's balance sheet and liquidity and places the Company in a much better position for its objectives, including the Company's current efforts seeking an uplisting to the OTCQB trading platform.
Importantly, YLimit becomes a long-term equity holder, and is receiving restricted shares.
Gary Blum, Managing Member of YLimit, LLC, said "YLimit was VNUE's very first investor under CEO Zach Bair's stead, and has now been invested in VNUE for exactly five years and one day. It began as a nominal
Bair said, "Five years ago May 16th, I became CEO of VNUE, and Gary was our first investor. He and YLimit have stuck with VNUE ever since, through thick and thin, providing the necessary funding to allow VNUE to continue to develop our products and build our Company when others shied away. YLimit's conversion into equity is a huge moment for the company, and I'm so grateful to have the confidence of Gary, and welcome him and YLimit as official shareholders."
Bair added that Blum had previously invested several of his projects over a 20+ year span, including Immediatek, which sold to Mark Cuban in 2006, and a separate technology project, patented by Bair, which is still in development.
About VNUE, Inc. (www.vnue.com)
VNUE, Inc., (OTC: VNUE) is a cutting-edge music technology company dedicated to further monetizing the live music experience for artists, writers, labels, publishers, fans, venues, and all stakeholders by creating new and exciting live music experiences, and by working to ensure the correct rights holders are being fairly compensated. The company is the exclusive licensee of DiscLive Network (www.disclive.net), the pioneer in "instant live" recording, and the owner and operator of Set.fm (www.set.fm), our innovative "instant" music delivery app platform. VNUE is also rolling out disruptive technology called Soundstr (www.soundstr.com), a cloud-based platform utilizing AI and other means which identifies music played in bars, restaurants, radio stations, and other businesses, and will ensure these businesses pay only their fair share for music licensing, while at the same time, ensuring songwriters and artists are paid for their work – creating a fully transparent performing rights ecosystem. The VNUE team is led by CEO and Chairman Zach Bair, a veteran music and tech entrepreneur and recording artist (www.zachbairmusic.com) . VNUE is made up of a group of technologists, artists, songwriters, performing musicians, music and touring executives, and of course fans, who are passionate about the future of the music industry.
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SOURCE VNUE, Inc.
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