No Borders, Inc., Reaches deal that eliminates all remaining variable convertible debt face value of over fifty-three thousand dollars ($53,000).
No Borders, Inc. reached an agreement after extensive negotiations with MJ Holdings Group, Inc. to convert a note in the principal amount of thirty-five thousand dollars ($35,000) plus all accrued interest into two million shares of NBDR common stock at a conversion price of ($0.0175) per share, along with a contractual agreement that No Borders, Inc., will not execute a Reverse Split of its common stock within the next 12 months, thereby, canceling the note, preventing future conversions based on variable pricing, and protecting all our shareholders from a reverse split until November 14, 2019. No Borders, Inc., reached an additional agreement to pay off the MJ Holdings Group, Inc.s eighteen thousand dollar ($18,000) variable conversion note plus all accrued interest for a single cash payment of fifteen thousand dollars ($15,000). These agreements have been fully executed with payment completed.
The Company is proud to be able to state to its shareholders that it no longer has any other variable convertible notes outstanding.
Of the agreement, Cynthia Tanabe, CFO of No Borders, Inc. says, We are very happy to have this deal done. As a major shareholder of NBDR, I do not like these kinds of debt structures, and I am very pleased to know that we have reduced future dilution of our company as well as made a written commitment not to execute a Reverse Split of our common stock for the next 12 months. This deal preserves our capital and minimizes future dilution based on convertible debt. This is yet another example of our commitment to running a fiscally responsible, conservative, and lean organization.
The agreements were finalized on 11/14/18.
About No Borders, Inc.
No Borders, Inc. (OTC: NBDR), through its various subsidiaries and partnerships, aims to generate revenues and value growth by developing, acquiring and delivering products and solutions to clients around the globe. The company focuses on deploying marketing, consulting, E-commerce, technology development and software products in verticals whose existing market participants are behind the curve of technological adoption, creating outsized disruption and profitability opportunities.
Lannister Holdings, Inc. a wholly-owned subsidiary of No Borders, Inc. is a leading Web 3.0 consulting, software development and products company dedicated to creating disruptive, valuable business solutions with AI, IoT, cloud and blockchain technologies alongside offering education, architecture, consulting and development services for organizations around the globe. Headquartered in Phoenix, Arizona, its mission is to create strong shareholder value through the development, acquisition and real-world deployment of Web 3.0 technologies world-wide.
No Borders, Inc., specializes in identifying unique opportunities inside verticals whose existing market participants are behind the curve of technological innovations in order to deploy products and software solutions; wherein, the company can deploy marketing, products, strategy and software expertise via consulting, product development, partnership and acquisitions within target verticals to disrupt them from the inside out with Web 3.0 systems.
This press release details forward-looking content projected based on present conditions. The reader is forewarned to not place expectation on speculative language. Except as required by law, the Company renounces any intention and accepts no obligation to update forward-looking statements, be it as a result of new information, future events or otherwise. Furthermore, the Company assumes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
No Borders, Inc.
Lannister Holdings, Inc. a wholly owned subsidiary of No Borders, Inc.
Morissa Schwartz, CCO