OBITX, Inc., Announces Conversion of Debt and Exercise of Warrants
Fleming Island, Florida, Dec. 07, 2020 (GLOBE NEWSWIRE) -- OBITX, Inc. (OTC MARKET: OBITX) is pleased to announce the conversion of its Revolving Credit Agreement into common shares of the Company’s stock. The conversion of the nearly $100K in debt was at the price of $2.50 per share. In further action, two warrant holders have exercised $55K in warrants previously registered by the Company. The Company’s recent activity is consistent with the development of the Company’s business growth and strategy, as it projects to announce within the next week its recent quarter’s results, which will show the significant growth in revenue under its recent shift in operations. The company ability to reach agreement eliminates OBITX debt. Under the terms of the agreement the debts are fully settled, including any and all interest and fees.
Michael Hawkins, the Company’s CEO/CFO stated, “Since our focus in blockchain, we have continued to see growth and opportunities. We are in the best position the Company has ever been in. The willingness of our debtors to convert into equity at the rate above $2.00 per share is reassurance in our belief that we are on the right path.”
To learn more about OBITX, Inc., visit: http://www.obitx.com
Forward-Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent the Company’s current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the opinions of the Company’s management only as of the date of this release. Please keep in mind that the Company is not obligating itself to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: potential, expect, look forward, believe, dedicated, building, or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by the Company herein are often discussed in filings the Company makes with the United States Securities and Exchange Commission (SEC) available at www.sec.gov and on the Company’s website at http://www.obitx.com.
Michael Hawkins CEO/CFO info@obitx.com
Released December 7, 2020