MIAMI, Jan. 19, 2021 /PRNewswire/ -- Boatim Inc. (OTCQB: BTIM), a data-driven global online marketplace for buying and selling boats and yachts, converted $1,060,000 of its debt into equity last Friday. The board agreed to requests of several holders to convert their notes prior to their due dates. By converting, these noteholders have expressed their continued trust in Boatim's business plan and execution, and rewarded the management's 2020 delivery on milestones.
"This is an important step for the company in terms of liquidity, enabling us to deploy financial resources into scaling the business and our next round of new product features." confirms Boatim's CFO, Ben Salter.
"I am certain that Ben's recent appointment as CFO was one of the reassuring events for those noteholders," adds Wolfgang Tippner, CEO. "Having converted their notes, our new shareholders valued the future worth of the company above the current cash value of their debt and have reaffirmed their excitement in the company's future growth prospects and our team's performance. This conversion event now allows Boatim to focus on driving even faster growth."
About Boatim Inc.
Boatim Inc. (OTCQB: BTIM) is a globally operating online marketplace and special interest social network for both the boating industry and boat users.
Boatim Inc. was founded in 2018 and now employs 26 people in Miami (USA) and Barcelona (Spain). The technology startup provides industry-specific software, aimed at facilitating the process of buying and selling boats online.
On Boatim.com the boating industry can sell and promote products and connect with a fast-growing potential customer base, while boat users can explore and buy boats, and connect with like-minded people and brands. The platform, that can be accessed through both mobile devices and desktop, generates revenues through listing placements and subscription plans, as well as on-platform ads. Thanks to the great business model scalability, more revenue streams are planned to be added soon.
Since August 2019 the privately funded startup has become a publicly listed entity, trading at the OTCQB Venture Market under the trading symbol BTIM.
To learn more about Boatim, visit https://investor.boatim.com
Forward Looking Statements
This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on mobile operating systems, networks, and standards that we do not control; risks associated with new product development and their introduction as well as other new business initiatives; our emphasis on user growth and engagement and the user experience over short-term financial results; competition; litigation; privacy and regulatory concerns; risks associated with acquisitions; security breaches; and our ability to manage growth and geographically-dispersed operations. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption "Risk Factors" in our Annual Report on Form 10-K filed with the SEC on Dec 2, 2020, which is available via the SEC website at www.sec.gov. Additional information has also been set forth in our Annual Report on Form 10-K for the year ended Aug 31, 2020. In addition, please note that the date of this press release is Jan 19, 2021, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.
Boatim® is a registered trademark of Boatim, Inc. All product names, trademarks and registered trademarks are property of their respective owners.
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SOURCE Boatim Inc.