Tuesday, 10 March 2015 10:00 AM
HUNTINGTON, NY / ACCESSWIRE / March 10, 2015 / SeanieMac International LTD. announced today that Redwood Fund II, LLC $75,000 Convertible Debenture have been fully converted and purchased for cash.
In total $51,239.29 of the principal was converted by Redwood Fund II LLC and the remaining $23,761.71 plus $7500 in interest were purchased for cash.
In addition to the gross profit we generate from operations since January we have received $92,000 in new 4% loans from longtime investors in the company. These investors have not converted any of their debt in the past two years into shares of the Company (although they have the right to do so) and have lent the Company over 400k to date. This is in addition to RDRD, which has lent the company over 800k in the last 2 years and also has not converted any of that debt into shares of the Company.
These funds have been used to secure our joint venture agreements, pay for auditing and legal services, and strategically retire debt and new marketing initiatives. Our goal remains to retire these advances with our equity line once it is effective.
Safe Harbor Statement
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 Seaniemac International, Ltd. 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, including but not limited to statements regarding our expectations regarding amounts staked and gross profits and our marketing initiatives. Such risks and uncertainties include, among other things, the uncertainty regarding consumer preferences, a decline in the popularity of our website and competition in the online gambling industry. Seaniemac assumes no obligation and does not intend to update these forward-looking statements.
A further description of risks and uncertainties can be found in SeanieMac International, Ltd.'s annual report on Form 10-K for the fiscal year ended December 31, 2013, its quarterly reports on Form 10-Q and its current reports on Form 8-K, each as filed with or furnished to the Securities and Exchange Commission.
Investor Relations
Chuck Arnold
(310) 344-7073
[email protected]
At the Company
Barry Brookstein
Chief Executive Officer
(516)369-7104
(USOTC:BETS)
SOURCE: SeanieMac International LTD.