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HempAmericana Retires All Outstanding Convertible Debt
NEW YORK, Oct. 29, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- HempAmericana, Inc. (OTC: HMPQ) (“HempAmericana” or the “Company”) is proud to announce the retirement of all outstanding convertible debt. As of the filing of the Company’s Q1 financial report (the most recent official record of outstanding convertible debt), HempAmericana had $112,500 in total convertible debt. All of that debt has now been completely retired through a recent transaction. The Company’s balance sheet now carries no secured or unsecured debt.
Salvador Rosillo, HempAmericana CEO, commented, “The Micro-Cap space is dominated by large Convertible obligations. It has long been the structure of choice by many funds for capital allocation to small publicly-traded companies. However, it can result in serious dilution risk for common equity holders. I am very proud to let our shareholders know that the HempAmericana balance sheet is now completely free of this burden.”
Management notes that the Company has generally avoided financing through convertible obligations, preferring to build its business on top of a foundation of equity funding. This policy is predicated on avoiding the deep depreciation in common share prices that can arise over time due to the dilutive potential inherent in the structure of most converts deployed in micro-cap investment agreements.
Mr. Rosillo continued, “Over the past two years, we have successfully funded the building of a first-class high-capacity CBD extraction and production facility in Augusta, Maine. And, during this process, HempAmericana shares have maintained a viable and stable share price range. Now that we have the facility fully built and in active production, and we have a clean balance sheet, investors will not have to worry about the toxic overhang of financing that process. It’s great to be free and clear, and up and running!”
About HempAmericana, Inc.
HempAmericana is currently in the rolling paper and CBD oil business using the brand name Weed Got Oil. Search Rolling Thunders hemp papers on YouTube for a product demonstration of the Company's papers. The company owns an extraction machine and now plans to become a leader in the CBD oil market by establishing three laboratories for the extraction and research of the oils contained in the hemp plant. HempAmericana also researches, develops and sells products made of industrial hemp. See more at www.hempamericana.com
Safe Harbor Provision Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review Hemp Americana annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.
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