CASPER, Wyo., June 23, 2017 /PRNewswire/ -- Imagination TV, Inc. (OTC PINK: IMTV) is pleased to announce the first phase in its plan to restructure the company's debt has begun. Management has been diligently working with its debt holders over the last few weeks in order to restructure the company's current debt and as of today we're happy to report that the company and one of its debt holders have come to an agreement to adjust certain conversion features of $50,000 of debt. The company and debt holder both agree that this is more favorable to the company and, of course, to its shareholders.
Joe Sirianni, CEO of Imagination TV states, "From the inception of taking on a project of this size, my goal has been to rebuild the company and return value to the shareholders. As an update to what has been previously announced, both 808Hitz.com and MJBBB.org properties are in their final stages of completion and beta. I expect to see finalized site before the end of the month. I've also been conducting interviews to fill management positions and board seats in order to help take Imagination TV to the next level. I'm happy to announce that I'll be holding the final round of interviews this week and should arrive at a decision by next week, at the latest."
Safe Harbor for Forward-Looking Statements:
This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities, and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
Phone: (307) 201-0602
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/imagination-tv-inc-begins-debt-restructuring-300478907.html
SOURCE Imagination TV, Inc.