TORONTO, ON, Aug. 09, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Snakes & Lattes Inc. (OTC: FUNN) is pleased to update shareholders on the fact that the Company has completed a large debt reduction and removal of liabilities from the balance sheet. This will ultimately be reflected on the FYE 2023 financial statement due September 28, 2023.
· $2,037,050.80 has recently been removed from balance sheet liabilities on what management believes to be very favorable terms, therefore not only benefiting the Company itself, but by default also benefiting all the existing shareholders.
· Company communication will also be revitalized going forward, not only through more frequent press but also through the new Interactive Platform that has recently launched.
Debt Reduction Highlights ($USD):
- $67,500.00 Purchase & Retirement of the existing convertible note dated October 23, 2019 to avoid any future potential conversion into common stock at the fixed value of .015 / share set by the note at the time. (Paid in Full)
- Approx. $401,628.78 RBC (Royal Bank of Canada) negotiated debt extinguishment which includes mutual release of any and all future obligations at a cost of $119,000.00. (Paid in Full)
- $404,456.00 Shareholder loan reduction in exchange for 500,000 preferred shares.
- $1,163,466.02 Convertible Note Liability reduction at a cumulative average of .0315 / share.
- Current Outstanding Common Share Count after the aforementioned reduction is 792,756,731, which is a running cumulative total starting in 1985 with no recapitalizations ever performed by the company in its 38-year history to date.
- $2,037,050.80 TOTAL LIABILITY REDUCTION *
Since February 2021, being over 2.5 years ago now, the Company had/has not issued any new convertible notes or similar debt instruments related to or attached in any way to common stock / shareholder equity. Preserving shareholder equity and value whenever and wherever possible has always been an important value and goal for management. Fixed price conversion rates as has always been done historically. The company never has and never will entertain toxic or trailing discount to market stock financing as unfortunately is seen all too often on our stock exchange. The majority of Company financing when needed had/has been done through financial institutions using traditional funding methods (not attached to company stock therefore having any potential future effect on shareholder equity) and historically whenever the Company has ever entertained convertible note style of financing, it has always been done at fixed price conversion terms, with full cash repayment capabilities therefore providing zero premium to note value. The most recent financing secured by the company, not only to purchase and cancel the pre-existing convertible note mentioned above, but also to acquire the most recent Snakes & Lattes Inc. brick and mortar location, being ‘Virginia Beach’ was done at a 5% interest rate with favorable repayment terms and no common stock equity associated with the deal. Management believes that these recent deals are not only good for the company, but for all shareholders.
Recently, the Company reached out to some previous funders and shareholders to request conversion of their prior notes in order to help clean up the balance sheet and extinguish any future accruing interest associated. Isolated from the other reductions, the conversions of the pre-existing notes equate to an approximate average conversion rate of 0.0315 per share, well above current market trading prices. In fact, that marks a premium of over 350% relative to current closing market prices. (August 9th 2023) $2,037,050.80 worth of previous convertible note debt and other company liability, (some of which dating back as far as 2018 at a fixed price conversion rate of .10 / share) has been removed upon request by the company with mutual agreement and having no additional consideration needed to do so.
New Interactive Communication Platform For The Company Shareholders & Interested Participants Of The Investment Community
The Company is introducing a new platform called, SNAKES & LATTES ‘COMMUNITY’. This is intended to be a tool to not only facilitate communication and interaction between shareholders if so desired, but also for management to provide updates similar to a ‘Twitter’ style platform that was used in years prior to disseminate information and updates outside of company news releases. This is meant to encourage meaningful exchanges, 2-way conversations, discussion with management through Q&A which will be answered periodically on fixed response dates, as well as a platform and area for shareholders to interact and discuss all things company related or simply to just engage in a ‘free for all’ discussion on any general topic as so desired. The Company hopes everyone has fun with it with the intention of having it be a communal space for shareholders and anyone else that wishes to gather and have some meaningful discussion regarding any and all of the ongoing topics that are most active at any given time.
There are various ‘free for all’ / ‘general discussion’ areas that hopefully community members will enjoy, however, most importantly, from a company standpoint, there is a Q&A section for shareholders to ask their questions about and for the company. Management will be periodically providing answers based on the most up to date information, subject to any regulatory restrictions. This will for the most part be done in the ‘Asked & Answered’ section but could also be to topic threads to join at the following link:
www.snakesandlattes.com/signup
or view as read-only to the more limited, available any topic generally discussed in any section of the new SNAKES & LATTES ‘COMMUNITY’ discussion area.
We encourage any and all of those interested in participating; whether it is more interactively and engaging in the various community discussion topics, or even simply just as more of a read-only member to the various Snakes & Lattes Inc. / FUNN / unrelated general non-member threads at
community.snakesandlattes.com
Let’s try and have some fun with it! Come check it out!
Looking ahead, the goal of the company continues to be advancing the growth trend through the ‘bread and butter’ gaming bar and restaurants. Snakes & Lattes does have several initiatives underway including additional ongoing discussions for expansion thereby continuing to add to the growing number of physical brick and mortar retail locations. Upon successful closing and completion of the next project or any of the other active initiatives that are currently on-going behind the scenes, shareholders and the investment community at large can expect detailed announcements to follow through company press releases or on the newly created SNAKES & LATTES ‘COMMUNITY’ discussion area to keep everyone informed of the current status of company. Come join the ‘COMMUNITY’ discussion area as in between future announcements via press releases, periodic answers to various questions posed by shareholders and members of the community in the ‘ASKED & ANSWERED’ thread, as well as other exciting FUNN topics that are planned to be included will hopefully be an exciting new feature that all members will enjoy!
We understand and acknowledge that communication could and should have been better and so we are ready to address that going forward. Things might just change up here a little bit on the communication front. Stay tuned!
Wishing everyone a great rest of their 2023 year!
Cheers!
See You At Snakes & Lattes!
About Snakes & Lattes Inc.
Snakes & Lattes Inc. currently operates 8 tabletop gaming bars and cafes: 3 located in Toronto, Ontario, Canada, 1 in Tempe, Arizona, 1 in Tucson, Arizona, 1 in Provo, Utah, 1 in Chicago, Illinois and 1 in Virginia Beach, Virginia. The company is in the process of expanding throughout North America. Snakes & Lattes Inc. was the first board game bar and cafe in North America, and is believed to be the largest in the world. Our board game cafes have the largest circulating public library of board games in North America for customers to choose from.
For more information on Snakes & Lattes Inc., please visit the website at: www.snakesandlattes.com.
Forward Looking Statements (Safe Harbour)
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), as well as others, and it is intended that all forward-looking statements that are made will be subject to the safe harbor protections created thereby. Forward-looking statements can be identified by forward-looking terminology such as aim, anticipate, believe, continue, could, estimate, expect, confident, intend, may, might, plan, potential, predict, projection, seek, should, will or would, or the negative thereof or other variations thereon or comparable terminology. In particular, statements that address guidance, outlook, targets, market trends or projections about the future, and statements regarding the Company’s expectations, beliefs, plans, strategies, objectives, prospects or assumptions, or future events or performance, contained in this release are forward-looking statements. The actual results, such as the Company's ability to finance, complete and consolidate acquisition of IP, assets, operating companies, etc. could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company has based these forward-looking statements on current expectations, assumptions, estimates and projections. Such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond FUNN’s control. These and other important factors, including those discussed more fully elsewhere in this release and in the Company’s filings may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, or could affect FUNN’S share price. The forward-looking statements contained in this release are not guarantees of future performance and actual results of operations, financial condition, and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this release. Any forward-looking statement made in this release speaks only as of the date of such statement. Except as required by law, FUNN does not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
Contact:
Snakes & Lattes Inc.
Investor Relations
Roger Mortimer
Telephone: (646) 992 3348
Email: investors@snakesandlattes.com
