LAS VEGAS, NV--(Marketwire - November 8, 2010) - Consorteum Holdings, Inc. (
Interest only is payable quarterly in arrears, with all remaining interest and principal due and payable on November 2, 2011. At the option of the investor, all or part of the principal may be repaid by cancelling the amount sought in exchange for shares of the Company's common stock at a discount of thirty-five percent (35%) from the average of the bid and ask price of the common stock for the ten days preceding the date selected for conversion. In the event that the shares of the Company trade at a price above $0.10 for a period of twenty (20) consecutive trading days, the Company may require the lender to convert the principal amount of the loan into shares of common stock at a conversion price equal to 35% below the 20 day average bid and ask prices. The Company also issued the lender 7,500,000 restricted shares of the Company as part of the transaction.
Craig Fielding, CEO of Consorteum Holdings, Inc., stated, "I consider this to be an important first step to allow Consorteum to move forward with its current initiatives. We are currently expanding the First Nations pilot initiative and this first infusion allows for continued rollout across Canada. We are now well positioned for this initiative's continued deployment over the next 12 months and confident we will be on time with this and additional key initiatives planned for the coming months."
About Consorteum Holdings, Inc.
The Company provides pioneering technology solutions and management expertise to companies and organizations looking to develop, streamline or augment their methods of processing payment transactions. It operates as a technology and services aggregator to meet the diverse needs of its client base by leveraging its wide range ranging partner technologies to develop end-to-end, turn-key card and payment transaction processing solutions. The Company has accumulated extensive expertise within the Payments and Transaction Industry in North America, Europe, and internationally. CHI has built its reputation with one goal, "For our customers to look at us as partners, not just a technology provider."
For more information, please visit: www.consorteum.com.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements. We caution that words used in this document such as "expects," "anticipates," "believes," "may," and "optimistic," as well as similar words and expressions used herein, identify and refer to statements describing events that may or may not occur in the future. These forward-looking statements and the matters to which they refer are subject to considerable uncertainty that may cause actual results to be materially different from those described herein. There are numerous factors that could cause actual results to be different than those anticipated or predicted by us, including: (i) a deterioration in economic conditions in general; (ii) a decrease in demand for our products or services in particular; (iii) our loss of a key employee or employees; (iv) regulatory changes, including further changes in the area of credit card regulation or implementation of new regulations in furtherance of the new legislation that may have an adverse affect on the demand for our products or services; (v) increases in our operating expenses resulting from increased costs of labor and/or consulting services; (vi) our inability to exploit existing or secure additional sources of revenues or capital to fund operations; (vii) a failure to collect upon or otherwise secure the benefits of existing contractual commitments with third parties, including our customers; and (viii) other factors and risks identified in our SEC filings. This list provides examples of factors that could affect the results described by forward-looking statements contained in this press release; however, this list is not exhaustive and many other factors could impact our business and it is impossible to predict with any accuracy which factors could result in negative impacts.
Contact Information:
Contact:
Consorteum Holdings, Inc.
141 Adelaide Street West, Suite 550,
Toronto, Ontario, Canada,
M5H 3L5
investors@consorteum.com
Telephone: +1 877-414-2774