CHATSWORTH, Calif., Sept. 22, 2004 (PRIMEZONE) -- Go Online Networks (OTCBB:GONT) announced today that the company has negotiated a settlement for certain outstanding debt obligations to Triton Private Equities and Eiger Companies totaling $1.4 million, converting the debt into restricted common stock.
"The elimination of these debts significantly improves our balance sheet and provides a stronger foundation as the management team at Go Online Corporation re-establishes its business direction. We are actively involved in negotiations with the remaining debt holders planning to negotiate similar conversions to further improve our balance sheet," commented Go Online Networks Corporation CEO, Joseph Naughton.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expression of future goals and similar expressions reflecting something other than historical fact involve risks and uncertainties. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties.
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