HOLLYWOOD, March 18, 2014 (GLOBE NEWSWIRE) -- In a first step action, The Digital Development Group (OTCBB:DIDG), has paid off a large portion of its outstanding convertible financings. In an 8K filing, (3/15), the Company announced the final payoff of a $110,000 note due March 13th.
CEO Martin W. Greenwald commented, "Our intent is to pay down, renegotiate for better terms, or completely pay off our outstanding convertible loans. Although historically a convenient source of capital, the loan conversions have been dilutive to shareholders. We will be looking at our remaining portfolio of debt and working to eliminate when and where feasible."
To that end, a form 13D was recently filed by the Company's largest shareholder, Stuart Subotnick, for the acquisition of approximately 6,000,000 shares, which with his other holdings, represents approximately 18,000,000 shares. Capital raised on the stock sale was used for debt payoff.
Additional details of the Company's business can be found in its public disclosures as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. Please refer to our full disclaimer, which includes our safe harbor statement, by clicking on or copying this link below into your browser: http://www.movieandmusicnetwork.com/tos